The iPhone dev-team released an untethered jailbreak for iOS owners running Apple's latest 4.3.2 firmware. Good news for jailbreakers as Apple did not patch the hole discovered by @i0n1c. The code for this exploit was used in the untethered jailbreak for iOS 4.3.1 and was easily ported over to the jailbreak for this latest version of iOS.
iPad 2 owners cannot join the jailbreak party as the 0.9.6rc14 version of redsn0w only supports the iPhone 3GS, iPhone 4 (GSM), iPod touch 3G/4G and the first generation iPad. Point your browser to the dev-team's website for more information on the Mac and Windows version of redSn0w.
As always, follow the directions closely and remember you jailbreak at your own risk.
[Via Redmond Pie]