Just released PwnageTool 4.3.2 jailbreaks iOS 4.3.2 (untethered) and preserves the current baseband to retain the existing unlock. It also allows you to add customizations like bootlogo, include pre-installed cydia packages and sources and hacktivate your iPhone.
Here is the step by step guide to jailbreak iPhone 4 and iPhone 3GS while preserving the baseband on iOS 4.3.2 using Pwnagetool 4.3.2. You should backup your device before starting the actual process.
Cooking custom iOS 4.3.2:
Unzip and launch Pwnagetool 4.3.2.
Select Expert Mode. Now select your iPhone and click the blue arrow to continue.
Browse for iPSW file (iOS 4.3.2) which you have already downloaded in Part 1. (Make it sure that iPSW file is placed on desktop)
Now hit the Build button to cook the custom firmware and save it on your PC.
Restoring iOS 4.3.2 Custom Firmware
Put your iPhone into DFU mode. PwnageTool will help you in this process. Follow the onscreen instructions for this purpose.
- Hold Power and Home buttons for 10 seconds
- Now release the Power button but continue holding the Home button for 10 more seconds
- You device should now be in DFU mode
After the iPhone is in DFU mode, launch iTunes and it will tell you it has found an iPhone in recovery mode. Press OK to continue.
To install the custom cooked firmware, press the Alt/Option key and click on “Restore” in iTunes. Browse to saved custom iOS 4.3.2 file and let iTunes do its work.
iPhone will reboot after it has been restored successfully.
How to Unlock iOS 4.3.2:
If you are still on unlockable baseband, you can follow our guide posted here to unlock your iPhone 4/iPhone 3GS with Ultasnow 1.2.2.