iOS 4.3.2 was originally jailbroken last week using PwnageToolbundles (on Mac) but it was limited to tethered boot. But now with this latest version of Redsn0w, you can jailbreak your iPhone, iPod touch and other A4 devices fully untethered on the latest iOS 4.3.2 firmware.
NOTE: Those of you who rely on a carrierunlock MUST STAY AWAY from Redsn0w and stock iOS 4.3.2 firmware.
How to jailbreak iOS 4.3.2 using Redsn0w on Windows and Mac:
Step 1: Download iOS 4.3.2 for iPhone, iPad or iPod touch. (download links given at the bottom)
Step 2: Update/Restore to iOS 4.3.2 firmware using the IPSW file you just downloaded via iTunes 10.2.2.
Step 3: Start Redsn0w and point it to the official iOS 4.3.2 firmware file.
Step 4: Now select “Install Cydia” and click “Next”. Optionally (if available), you can also select any other option you like.
Step 5: Now make sure your device is both OFF and PLUGGED IN to the computer before you click “Next”.
At this stage you will be presented with a screen where you will be guided on how to enter DFU mode. Quickly hold “Power” button and then while holding the “Power” button, you will now have to hold “Home” button too. Now after few seconds release “Power” button but keep holding “Home” button until installation begins.
Step 6: Sit back and enjoy while Redsn0w does the rest for you. Once done, your iOS device will restart automatically and you will find it fully jailbroken (untethered) on the latest iOS 4.3.2 firmware.
UPDATE 1: Redsn0w 0.9.6rc14 adds support for untethered iPhone 4 jailbreak on iOS 4.3.2. Download it from here.