The Dev Team has come up with the untethered jailbreak of iOS 4.3.2 through the redsnow 0.9.6rc13 tool. Redsnow 0.9.6rc13 supports all devices except the iPad 2. But do remember that redsnow updates the baseband of your iPhone, so if you are an unlocker, then stay back for another version of Sn0wbreeze or PwnageTool to come out.
NOTE : iPhone 4 users can get only a tethered jailbreak for now with redsnow 0.9.6rc13 as the dev team are currently fixing some issues with it. But an update for this will be out soon.
Apple did not fix the untethered jailbreak hole (put forward by @i0n1c) that was present in the iOS 4.3.1 firmware in the iOS 4.3.2 update, and so @i0n1c was able to take advantage of the same vulnerability and produce the untethered jailbreak for the iOS 4.3.2 firmware also which has helped the dev team to release redsnow 0.9.6rc13.
Stay tuned to Tips Needed for more updates and guides!