First, install grunt v0.2.14 (or newer) via npm with npm install -g grunt, if you haven't already done so.
Next, install PhantomJS. If you're on OS X, use homebrew and brew install phantomjs. If you're on Windows or Linux, download from www.phantomjs.org and put it in your path.
Finally, just open a terminal and...
git clone https://github.com/jquery/jquery
cd jquery
git submodule update --init
git checkout 1.7.1
echo "config.init({qunit:{index:['test/index.html']}});" > grunt.js
grunt qunit(I only get 37 errors here, pretty impressive for a headless browser)