The 4.3.4 untethered jailbreak works on all devices that support iOS 4.3.4 except for the iPad 2:
iPod touch 3G
iPod touch 4G
AppleTV2G (v4.3 8F202)
Here are the steps:
Step 1: For this tutorial, you’ll need redsn0w 0.9.6rc15 which you can download from the iPhone Dev Team blog. Make sure you grab the latest version (0.9.6rc15) and just drop it on desktop.
Step 2: You'll need an actual 4.3.4 firmware file. If you don’t know where to find it on your hard drive, just download it to your desktop from here. Make sure you download the iPad file, iOS 4.3.4.
Step 3: Open redsn0w and click on "browse", pull up your 4.3.4 firmware from step 2 and select it.
Step 4: The software will then provide a couple different options before continuing, all you'll likely need is the Cydia icon. Make sure there is a checkmark by "Install Cydia" then just click next.
Step 5: Plug your iPad into your computer and turn it off. Get ready to follow some onscreen instructions as RedSn0w will walk your through a few steps to put your iPad into DFU mode.
Step 6: Once you are successful, redsn0w will begin updating your iPad firmware. This may not happen right away, just turn OFF your iPad, then ON to try it again.
Step 7: Once the software is done loading the exploit, your iPad will restarted, and your home screen should load up with the Cydia icon installed. Success!
The latest update to redsn0w has added the ability to set a custom boot animation,