I have installed iOS 8 beta 3 on a iPhone 4s. The default camera now supports taking time-lapse videos. Taking time-lapse video in camera is very simple because you do not have any options… It takes a frame every second in my experience, at least based on my experience.
Below is dawn of Tai Wai, Hong Kong, which I took it from my bedside counter,
Another one I took when driving,
It’s generally better to take time-lapse videos during busy traffic and daylight. Time-lapses of driving on highways at night can result in a dizzying video with little visibility, as shown below (which didn’t turn out so well):