Apple released iOS 4.3.2 download just yesterday, and you can currently jailbreak iOS 4.3.2 TETHERED only (which means you need to rejailbreak each time you reboot, so it’s not worth it). Thankfully, Stefan Esser aka i0n1c, the guy who developed the iOS 4.3.1 untethered jailbreak has confirmed that an untethered jailbreak is possible on iOS 4.3.2. Apple has not patched i0n1c’s untethered exploit that he used in iOS 4.3.1.
If you want to jailbreak iOS 4.3.2 untethered, you will need to wait a while. i0n1c says that he will begin working on the untethered exploit on Sunday and it will take some time for it to be created. With an untethered jailbreak iOS users only need to jailbreak iOS 4.3.2 once without the need of having to reboot it every time.
For you geeks out there, i0n1c couldn’t use the untethered binaries from iOS 4.3.1 because he has to create new untethered binaries with new dyld/kernel offsets. The reason i0n1c could not create the untethered binaries to jailbreak iOS 4.3.2 right now is because he is travelling and will be in planes. The iPhone Dev Team cannot create the untethered binaries because i0n1c has kept the source code to himself only.
[Source: i0n1c Twitter feed]