Hello! I am Iggi and this is my Jungling Pantheon build-guide.
Pantheon was an old favorite champion of mine that I recently had a lot of fun playing with, since I got bored seeing and playing the same champions in every game. It has come to my attention, that now (with the jungle changes) Pantheon has a nice jungling potential.
His Spear Shot applies the Lizard buff slow on enemies giving him a nice ganking power.
In addition, I believe that Pantheon is a very fun but underplayed champion, who has a need to shine.
In this short guide, as you can see, I include a build for Tanky AD Pantheon for solo top.

Pros:

- Has fairly fast jungle
- Amazing ganker
- Stun
- Semi-Global ulty
- Great damage output
- Can towerdive early because of passive
- Tanky late game

Cons:

- No natural escape
- Need to start at blue
- Scales to tank not to dps in late game
- Rage at champion select etc.
- Mana hungry

I use 9 greater mark of desolation and 1 greater quintessence of desolation for a bit of armor piercing. Then I use 2 Greater Quintessence of Attack Damage for a bit of early attack damage bonus, because Pantheon's Spear Shot has an 1,4 ad ratio. For defense, I use 9 Greater Seal of Armor and 9 Greater Glyph of Scaling Magic Resist.

For masteries I prefer to focus on offense, assigning 21 points to boost my early game damage output and jungling time. I spend the remaining 9 points in utility grabbing Runic Affinity for the monster buff duration and a bit of mana regen.

As far as items are concerned, I have a pretty standard jungler build.
I start with a Wriggle's Lantern, buying armor and potions first. Then I buy Boots and a Phage. That I build it into a Frozen Mallet and then I go for Atma's Impaler the most OP, cost efficient, tanky dps item. At 3000 hp it provides a nice 60 bonus ad. Last, I build a Banshee's Veil and a Last Whisper.

Late game, Wriggle's Lantern can be replaced by Bloodthirster for some extra damage, but games rarely go that far.

Alternative item choices:
- Force of Nature if your opponents are mainly AP and you need magic resist.
- Aegis of the Legion and/or Zeke's Harbinger for a more supporting role in your team.
- Infinity Edge if you are owning hard :P
- Warmog's Armor if you prefer insane hitpoints and thus tankiness.
- I also enjoy Trinity Force on Pantheon,although it's a bit expensive.

I start with Spear Shot, which I rank twice till level 4, to boost my jungling speed and then I max out Heartseeker Strike, which is pantheon's main source of damage. I take Grand Skyfall when available, then max out Spear Shot and last Aegis of Zeonia because the stun duration is equal (1 sec) at all levels.

For summoner spells I use as a loyal jungler should
and to get in or Gtfo!

With the Flash nerf, Ghost seems attractive, but pantheon doesn't have a trick up his sleeve to make a natural escape. (except ulty, but that can go bad)
Generall, I, too, believe that every jungler MUST have Smite and that Flash continues to be useful even after that nerf.

Start at blue - continue to wolves - then wraiths - red - then fast gank mid - top or bot - then golems and so on. Farm when lanes are pushed, gank when someone overextends and help any lane that needs you. Try to spam-gank when you "wear" the red buff, but remember that you can also gank without it cause you have a stun!

If you want a more complete jungling - ganking guide, try to find a general jungle guide with more tips. Everything generally works with pantheon.

In addition, after level 6, Pantheon's ulty makes him extremely dangerous and nearly every ulty-gank is a kill, if you cooperate successfully with your teammates and aim it right.

- Try to guess your opponents position and direction of movement when aiming your Grand Skyfall and always aim a bit behind them taking in mind the time you take to land.
- Remember that Aegis of Zeonia refreshes your passive.
- Try to attack, then move, then attack to maximize your positioning and damage.
- Aegis Protection does not affect magic skills.....
- If you have red buff, even your Spear Shot applies a slow on the opponent.
- If you find yourself mana starved don't hesitate to buy some Mana Potion
- Spear Shot's synergy with Heartseeker Strike's passive makes it deal 150% damage to targets with less than 15% health!!! (read tooltip)

18/12/2011: Changed skill sequence from Spear shot oriented to Hss oriented.
18/12/2011: Added a laning pantheon build.

Jungle Pantheon is here to rock your so -boring-same-routine- based games. He is a fine jungler and an even finer ganker with great early game damage and tanky transition into late game.

I will continue updating and meliorate this guide. Let me know your thoughts about it. I hope I helped a bit! Have fun!