As you might be aware by now that a few hours earlier, Apple has released iOS 4.3.5 for iPhone, iPad and iPod touch. This software update was totally unprecedented. Those of you who wish for an iOS 4.3.5 untethered jailbreak, shouldn't get their hopes up as one isn't releasing at all.
Merely ten days have passed since Apple released iOS 4.3.4 for iPhone, iPad and iPod touch. Even though you can jailbreak iOS 4.3.4 tethered, no untethered iOS 4.3.4 jailbreak has been released. The reason behind iOS 4.3.4 was that Apple needed to patch a vulnerability in mobile Safari that allowed hackers to gain root access to your device through the mobile Safari browser. Comex used this vulnerability to develop a PDF based exploit for iPad 2 jailbreak on iOS 4.3.3 and iPhone, iPad, iPod touch jailbreak on iOS 4.3 - 4.3.3. Regardless of the fact that PDF Patcher 2 was released by Comex in Cydia to patch this vulnerability as well as retain the jailbreak, Apple still released iOS 4.3.4 to officially patch this vulnerability.
The reason why iOS 4.3.5 release was unprecedented is because of the fact that Apple has already patched the said exploit in iOS 4.3.4, so why the need for a sudden iOS 4 software update when iOS 5 release is just around the corner? Apple claims it has to fix an issue with certificate validation which could be a potential security risk for iOS devices.
Why is an iOS 4.3.5 untethered jailbreak release impossible? Its simple. Why would the devs even think of dedicating their time in order to develop an untethered jailbreak exploit for a firmware that is going to be outdated in less than 50 days? As previously mentioned, iOS 5 is going to be released this fall and we have already been able to jailbreak iOS 5 beta firmware, albeit tethered. It seems only logical for the devs to concentrate on making an iOS 5 untethered jailbreak, regardless of the fact that Apple has patched too very well known untethered jailbreak exploits in the latest iOS 5 beta firmware.
Currently, it is only possible to jailbreak iOS 4.3.5 tethered on iPhone, iPad and iPod touch, guide posted here. Keep in mind that you can't jailbreak iPad 2 on iOS 4.3.5. Though we know for sure that untethered iOS 4.3.5 jailbreak will never be a possibility. Keep your fingers crossed for iOS 5 untethered jailbreak instead.