Update: iOS 4.3.2 Gets An Untethered Jailbreak; iPhone 4 Safe Now
It took the Dev-Team just a couple of hours to bring a Tethered Jailbreak to iOS 4.3.2 after its release, and just four days to make all the magic become Untethered. Redsn0w has just been updated to include the untethered feature, which was made possible since Apple somehow forgot to patch the same vulnerability discovered by Stefan Esser (aka @i0n1c) which made the Untethered Jailbreak for iOS 4.3.1 possible just recently.
Sadly it seems some iPhone 4 users experienced problems with the Jailbreak so Redsn0w version 0.9.6RC13 is limited to only offer tethered Jailbreaks while the exploit is fixed. Stay tuned as that will most likely be fixed in just a matter of time.
Update: Redsn0w has just been updated to version RC14 to support the GSM iPhone 4.
You may download Redns0w 0.9.6RC14 here.