Apple released the iOS 4.3.2 download for iPhone 4, iPhone 3GS, iPad, iPod touch 4G, and iPod touch 3G hardware today along with iOS 4.2.7 download for Verizon iPhone 4 (CDMA) users. The update Apple issued for iOS 4.3.2 fixes bugs, FaceTime issues, and security issues. If you want to jailbreak iOS 4.3.2 I highly recommend you to stay on iOS 4.3.1 for now as it’s unclear whether or not iOS 4.3.2 patches the untethered vulnerability present in iOS 4.3.1.
You can currently jailbreak iOS 4.3.2 on Mac only (EDIT: SEE UPDATE BELOW) on iPhone 4, iPhone 3GS, iPod touch 4G, iPod touch 3G, and iPad using the redsn0w jailbreak, but that only gives you a tethered jailbreak. So if you jailbreak iOS 4.3.2 with PwnageTool, you will need to keep using PwnageTool to jailbreak your iOS 4.3.2 device each time you reboot it. It’s a long tedious process, but if you love to hack and want to do it just for fun head on over to BlogsDNA and read Sandip’s post. Credit for the PwnageTool 4.3.2 jailbreak goes to DJayB6 for the bundles and iPhone Dev Team for the actual jailbreak software.
UPDATE: You can also jailbreak iOS 4.3.2 using redsn0w 0.9.6rc12, by pointing it to iOS 4.3.1 firmware but it will still be TETHERED so you have to jailbreak it everytime you reboot your iPhone/iPad/iPod touch.
If you want to untethered jailbreak iOS 4.3.2, then refrain from updating to iOS 4.3.2 right now and wait until an official iOS 4.3.2 jailbreak is released. I will post here once you can jailbreak iOS 4.3.2 untethered.