A recent announcement from @p0sixninja confirms that a greenpois0n update with iPad 2 jailbreak support on iOS 4.3.1 is almost ready and should be released pretty soon. He referred to @i0nic’s untethered exploit for iOS 4.3.1 being out already so it seems most appropriate to utilize it in an untethered iPad 2 jailbreak as well. And since iOS 4.3.2 seems to be just around the corner, it should be released before that as Apple is likely to patch this exploit in the next update.
The Chronic Dev Team member @p0sixninja tweeted:
Since 4.3.1 is already exploited by the legendary @i0n1c, we’re working on finishing iPad2 jailbreak now
However, there is still no word on whether the jailbreak exploit for iPad 2 will be compatible with iOS 4.3 or 4.3.1. Until we have more information on that, it is advised to all iPad 2 jailbreakers to stay on iOS 4.3.