The development team of iPhone has recently released the Redsnow 0.9.8b3 made perfect for the iOS 4.3.4 to be able to jailbreak the iPhone, iPod Touch and the iPad. It was also just recent that Apple introduced the iOS 4.3.4 to fix the bugs of the security vulnerability which Comex used for the JailbreakMe 3.0. This is one of the most convenient solutions that will jailbreak the iOS device. The dev team shared the important information on their own blog.
They said that it is for the easy access of the kernel hackers such as Comex and i0n1c that they produced a brand new redsn0w 0.9.8b3 that gives support to the tethered jailbreak for the iOS 4.3.4 on various devices that have the 4.3.4. There are nothing new to be found with the 4.3.4 for it only cures the plans of the jailbreak. They also shared the information that the owners of iPad2 that come with a baseband of CDMA or 3G cannot presently utilize some saved blobs to come back with 4.3.3 when the window for signing is already closed. Hence, if you are one of these owners, you must steer clear from all the possible updated just to maintain the jailbreak.
Since the Redsn0w 0.9.8b3 can only support the tethered jailbreak, then you would have to connect the iOS device straight to your computer with every reboot. Hence, they clearly advise users to avoid any upgrade to the iOS 4.3.4 if they want a jailbreak that is untethered and take some backup of their SHSH blobs.