According to MuscleNerd.RedSn0w 0.9.6rc12 (Windows, Mac) is capable of performing a tethered jailbreak of iOS 4.3.2 if pointed to the iOS 4.3.1 firmware.
last week's redsn0w can Jailbreak iOS 4.3.2 (if you point it at 4.3.1 IPSW) but that's a tethered Jailbreak (doesn't imply anything about @i0n1c's untether)
We are still waiting for news on the status of an untether jailbreak. In the meanwhile, if you must update, make sure to save (Windows, Mac) your SHSH Blobs then use one of the following tutorials to jailbreak skipping the part where you restore to iOS 4.3.1.
Jailbreak iOS 4.3.2 iDevices [Tethered Jailbreak] [How to Guide] [(Windows, Mac)