i0n1c confirmed a few minutes ago on his Twitter account that the exploit for untethered jailbreak included in the latest version of redsn0w can also be used on iOS 4.3.2. Apple has not blocked this exploit and if this is the last version of iOS 4 then we will have untethered jailbreak until iOS 5 appears, most likely in the summer. Unfortunately, i0n1c's exploit will have to be partially redone to work on iOS 4.3.2 and he won't get to work on it until tomorrow, so sometime next week we should have a new version of redsn0w that will bring us untethered jailbreak on iOS 4.3.2.
He doesn't know anything about iPad 2 for now.
