Today apple released the new iOS 4.3.2 to fix some issues, but don,t worry you can still Jailbreak your iPhone 4.3.2 on Windows with Redsn0w 0.9.6rc12. iOS 4.3.2 seems to have been completed 4 April 2011, the exact date of release of redsn0w. Currently, the jailbreak is tethered, which means that you will have to boot your iOS device in tethered state on every reboot.
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Here are the steps which will help you to Jailbreak iPhone 4.3.2 on Windows with Redsn0w 0.9.6rc12:-
1. Download iOS 4.3.2 from here
2. Download iOS 4.3.1 from here
3. Download Redsn0w 0.9.6rc12 here (Windows) (Mac)
4. Now Update your iphone with iOS 4.3.2
5. Start Redsn0w and Browser for iOS 4.3.1 ( Not iOS 4.3.2 you have to select iOS 4.3.1 for Jailbreak )
6. Now click the Next button to Prepare the Firmware.
7. After the Firmware preparation the new windows will appear, Now select “Install Cydia” and click Next.
8. Please plug your iPhone into the computer and make sure its OFF then click the Next button, now RedSn0w will guide you through the steps to get into DFU mode.
9. Now just wait to complete this process, once this is complete you will be notified that RedSn0w is done and iPhone will restart automatically to complete this process.












I wait all this time for the untethered 4.3.1 jailbreak, then when I go to update to 4.3.1 it updates to 4.3.2 and I am back to waiting