It has now been confirmed that RedSnow (aka Redsn0w) v0.9.6rc9 is fully compatible with the just released iPad 4.3.2. That said, just like the iPad 4.3.2 pwnagetool guide, this one is tethered as well. Also, it is nice to know that RedSnow is available for both windows and Mac platforms.
UPDATE – Here is my iPad 4.3.2 untethered windows jailbreak instructions.
Then download RedSnow for the iPhone. Start it and browse for the iOS 4.3.1 IPSW file that you downloaded in the previous post. Click on “install cydia” and then on the next button. Turn your iPhone off and click on next button.
Now, you will be told to put your iPad into DFU mode. To do that – hold the power button for 1 second and then while holding it, press the home button as well. Then, after few seconds, while holding the home button, release the power button. Installation should begin now.
Wait for redsnow to do the job and then your iPad will restart. Now, select “just boot tethered right now”.
Good job. You have just jailbroken the iPad.