The Dev-Team has released an updated version of PwnageTool which uses i0n1c’s untethered jailbreak, along with an updated ultrasn0w for 4.3.2. PwnageTool 4.3.2 works on any device except for the iPad 2. Windows users looking to roll their own ipsw can use sn0wbreeze 2.6.
Note that there’s a corresponding update to ultrasn0w, which has been bumped up to v1.2.2 to get along with iOS 4.3.2 (the ultrasn0w update does not include any new baseband support!). Please reboot your iPhone using the normal “slide to power off” swipe after installing ultrasn0w 1.2.2.
Remember, back up your SHSH blobs before you upgrade!