According to i0n1c’s twitter feed, he has his untethered jailbreak working on an iPad 1.
“Apple has been nice. I just verified that the untether vulnerability is not fixed in iOS 4.3.2 – my Ipad 1 is running untethered jailbroken”
He also stated that the binaries won’t be uploaded for a few more days.
“I won’t be able to create all the untether binaries before sunday, because I will be on planes, …”
But when that day comes, you can be sure that the dev team will have new versions of their tools available. Stay tuned here for guides and links when the tools come out.