A new untethered jailbreak for iOS 4.3.2 has been released, but there have been a few hiccups along the way for the iPhone 4. The iPhone Dev Team updated their redsn0w tool to handle 4.3.2 on the iPhone 4 (GSM), 3GS, iPod touch 3G/4G and iPad 1, but issues with the iPhone 4 functionality has forced them to pull that specific version.
It's an untethered jailbreak, which means you don't need to have the device plugged in via USB any time you power-cycle it. If you're using ultrasn0w to unlock your iOS device, however, redsn0w isn't for you; you'll have to wait for the incoming update to the PwnageTool.
That's expected later in the week, along with an amended version of the iPhone 4 (GSM) jailbreak. No word on when we might see the same thing arrive for the iPad 2, however; last we heard, it still required a bootrom or iBoot-level exploit be discovered.
[Thanks to everyone who sent this in!]