iPhone Dev team has released PwnageTool 4.3.2 to jailbreak iOS 4.3.2 untethered using i0n1c’s untethered exploit found in iOS 4.3.1. Pwnage tool helps you to update your iPhone by preserving the BaseBand which helps to unlock your device again. In addition to the pwnage tool, ultrasn0w has also been updated to solve issues with the latest software update. Those who want to preserve the BaseBand of their device must use either Pwnage tool or TinyUmbrella (latest versions) to update.
The device supported are :
3)iPod touch 3G
4)iPod touch 4G
So iPad 2 users and Verizon iPhone users need not apply. And a final note to unlockers – you should only ever use a custom IPSW when upgrading firmware. While ultrasn0w will unlock your iPhone running iOS 4.3.2, that only applies if you are running an older baseband. So never restore to a stock firmware in iTunes because that will not preserve your baseband!
Download PwnageTool 4.3.2.
Jailbreak iPhone, iPad and iPod Touch On iOS 4.3.2 With PwnageTool 4.3.2 On Mac[How To]