iOS 4.3.2 untethered jailbreak has now been released. You can now jailbreak your iPhone and run unsanctioned apps that cannot be found on the App Store without having to re-connect your device to a computer each time it restarts. A Dev-team member, MuscleNerd, tweeted yesterday that the "redsn0w tool was updated to include 4.3.2 untether."
This untethered solution supports iOS 4.3.2 on the iPhone 3GS and 4, iPad 1 and third- and fourth-generation iPod touch.
Unfortunately, iPad 2 wasn't supported at press time, but it's being currently worked on.
Connect your device to a computer, run the redsn0w tool and follow the onscreen instruction.