Today, @i0n1c (Stefan Esser) uploaded a video showing an iPod Touch 4G jailbroken and untethered on iOS 4.3.1. The exploit used to untether 4.3.1 will not work on the iPad 2 when it is first released (although @Comex is said to be working on it). The dev-team is currently beta-testing the untether, on the condition that “if the beta test is successfull, they are free to do whatever they want with it.”(i0n1c). The best way to get an untethered jailbreak soon is not to bother i0n1c or the dev-team. Things are looking up for the jailbreak community, and with any luck we might see an untethered jailbreak within a week or two.
You can see the original video below: