The iPhone Dev team has just released PwnageTool 4.3.2 which adds support for iOS 4.3.2. The jailbreak uses i0n1c's untether, which Apple did not fix in 4.3.2. Ultrasn0w has also been updated to 1.2.2 adding support for the new firmware.
You can download PwnageTool 4.3.2 here. Ultrasn0w 1.2.2 is available in Cydia.