With iOS 4.3.2, Apple has patched i0n1c’s untethered jailbreak exploit. So, at the moment, it’s not possible to get untethered jailbreak 4.3.2 iOS. However, tethered iOS 4.3.2 jailbreak could be released soon since it’s based on hardware exploit. As MuscleNerd puts it:

Apple sure is aggressively patching these untethered jailbreaks lately (but that’s still better than lawsuits)

ultrasn0w unlockers stay away from today’s iOS 4.3.2! Everyone else, make sure you have your 4.3.1 SHSH blobs saved.

So if you want untethered jailbreak, stay away from iOS 4.3.2 for now. You can get untethered jailbreak 4.3.1 iOS with Sn0wbreeze 2.5.1, Redsn0w 0.9.6 RC12 or PwnageTool 4.3.