The guys over at Redmond Pie have rolled out a 4.3.4-compatible PwnageTool bundle to jailbreak the iPhone, iPod Touch, and original iPad. Updating to 4.3.4 isn’t a very good idea at this point, as its only purpose is to prevent users from jailbreaking. But, if you unwittingly updated your device to the latest firmware, you’ll still be able to have a semi-tethered jailbreak. PwnageTool is also able to preserve the iPhone’s baseband, though there is no unlock for the 4.3.4 baseband if you have already updated.
It is advised to stick with 4.3.3 until a fully untethered jailbreak is released, but we probably won’t see another until iOS 5. Check out the full guide at the link below.