Jailbreak iOS 4.3.4 On iPhone 4, 3GS, iPad And iPod touch 4G With Redsn0w 0.9.8b3
Apart from the currently available PwnageTool bundles available for jailbreaking iOS 4.3.4, the iPhone Dev Team have pushed out an updated Redsn0w 0.9.8b3 which supports jailbreaking iOS 4.3.4.

The jailbreak however, is tethered at the moment, which means you will have to boot it into the jailbroken state again every time your device runs out of battery juice or simply restarts. Those who have a locked iPhone should stay away from Redsn0w since it upgrades the baseband, hence you should opt for PwnageTool at the moment.
First of all you need to download iOS 4.3.4 from this link and restore using iTunes. And the key ingredient to the whole jailbreaking process, Redsn0w 0.9.8b3 which you can download from here for Windows, and here for Mac.
Jailbreak iOS 4.3.4
Step 1: Launch Redsn0w 0.9.8b3.
Step 2: When you see Redsn0w’s main window, click on Browse and point it towards the iOS 4.3.4 firmware file which you downloaded earlier from the link given above.
Step 3: Redsn0w will now verify the IPSW file, click Next.
Step 4: Simply check the Install Cydia box and click Next.
Step 5: On the the next screen, Redsn0w will tell you how to put your device in DFU mode, follow the on screen instructions on how to do so.
Step 6: After a series of automated steps, you will be jailbroken in a matter of minutes.
Boot tethered
Step 7: Simply launch Redsn0w 0.9.8b3 again, point it to the iOS 4.3.4 IPSW firmware file, click Next, and choose Just boot tethered right now, and follow the on screen instructions, that’s it! [via RedmondPie]
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