I’ve read somewhere that GNS3 runs better on Linux and I had some spare cycles on a Hyper-V host. I configured a VM with 16GB of RAM and I was able to get GNS3 up and running on Ubuntu 14.1 using the steps I will be documenting below.

Since we will be installing from the source files from the git repository on Github.com, you will need to install git:
sudo apt-get install git

Install Dynamips:
Install the Dynamips dependencies if they have not already been installed:
sudo apt-get install libelf-dev uuid-dev libpcap0.8-dev

Download the source files to your system. I downloaded mine to the Public folder in my home folder.
sudo git clone https://github.com/GNS3/dynamips.git cd dynamips mkdir build cd build cmake .. sudo make install

Install Gns3-Server:
Install the dependencies if they have not already been installed:
sudo apt-get install python3-setuptools python3-zmq python3-netifaces

Download the source to your system.
sudo git clone https://github.com/GNS3/gns3-server.git cd gns3-server sudo python3 setup.py install gns3server

Install Gns3-Gui:
Install Dependencies
sudo apt-get install python3-setuptools python3-pyqt4

Get source files and build:
sudo git clone https://github.com/GNS3/gns3-gui.git cd gns3-gui sudo python3 setup.py install gns3

You can create a desktop shortcut to gns3-gui. Configure gns3-gui to start up gns3-server and dynamips when gns3-gui is launched.

I have just started getting into GNS3 and all I can say is that the 1.x version is amazing. I much rather work on GNS3 than Packet Tracer.