Apple officially released iOS 4.3.1 yesterday for the iPad (and iPhone/iPod Touch), although I haven't upgraded my iPads yet since I have enabled gestures on them.
I myself am not a fan of a tethered jailbreak when my iPad is just fine running iOS 4.2.1 in an untethered jailbreak state. For a major update it would be difficult to wait for an untethered jailbreak for iOS 5 on my iPad...I would be willing to drop iOS 4.3 with a "more conveninent" jailbreak to apply an iOS 5 exploit.
This being said, I don't see the point in writing a detailed "how to" when RedmondPie has already done this to apply a tethered jailbreak to iOS 4.3.1 via PwnageTool, instructions at the bottom of this post...but I'm gonna pass on this jailbreak for now!
RedmondPie Untethered iOS 4.3.1 PwnageTool Instructions, remember, the PwnageTool is free for jailbreaking your iPad an other iDevices.
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