The iPhone Dev Team has just released PwnageTool 4.3.2 and ultrasn0w 1.2.2, to support iOS 4.3.2.
What is PwnageTool? It will create a custom jailbroken firmware for you to restore from, without updating your baseband (for Mac users; PC users should use sn0wbreeze). Follow our PwnageTool guide here, and ultrasn0w guide here.
Update #3: PwnageTool 4.3.2 now includes the iOS 4.3.2 untether from @i0n1c. Â (And look, the PwnageTool and iOS version numbers actually match!).
Note that thereâ€™s a corresponding update to ultrasn0w, which has been bumped up to v1.2.2 to get along with iOS 4.3.2 (the ultrasn0w update does not include any new baseband support!). Please reboot your iPhone using the normal â€œslide to power offâ€ swipe after installing ultrasn0w 1.2.2.
PwnageTool Official BitTorrent Release
As always, backup your phone before you attempt any jailbreaks or unlocks.