The iPhone Dev Team have released an update for the Pwnage Tool to untether jailbreak devices running the latest iOS4.3.2 - except the new iPad 2.
Pwnage Tool only works on Macs, but it can preserve your baseband if you need to network unlock your device.
The other method for untethered jailbreaking iOS4.3.2 is Redsn0w, which can be used on both Mac and Windows but won't preserve basebands.
Here's a link to the iPhone Dev Team Blog. And here's a link to the iClarified website, which is excellent for jailbreaking tutorials.
Unfortunately, there is no jailbreak yet for the iPad 2, although lots of people are working on it.
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