RedSn0w is the latest and free untethered jailbreak for 4.3.2 OS. If you have a carrier unlock on your iPhone DO NOT upgrade to 4.3.2 as you will lose your unlock.
So here is a simple guide to jailbreak your 4.3.2 iPhone with RedSn0w:
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 iPhone 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 the “Power” button and then without releasing the “Power” button, you will now have to hold the “Home” button too. Now after few seconds release the “Power” button but keep holding the “Home” button until installation begins.
Step 6: Sit back and enjoy while Redsn0w does the rest for you. Once done, your iPhone will restart automatically and you will find it fully jailbroken (untethered) on the latest iOS 4.3.2 firmware.
Prefer a video?
iPhone 4.3.2 – direct from Apple
RedSn0w – for Windows
RedSn0w – for Mac
iTunes 10.2.2 – direct from Apple
WARNING – You use this information and the tools linked to at your own risk.