Today We heard about a new tool to jailbreak iPad 2 on iOS 4.3.2, it's called A5-2Lib02, you should know that this tool is a big fake. This iPad 2 jailbreak desinged to fail as MuscleNerd -the well known iPhone hacker- discribed.
This fake iPad 2 jailbreak done by someone called d0nfyxn, he made a fake Youtube video showing himself while jailbreaking iPad 2 with his fake jailbreak tool. Everytime you connect your iPad 2 to start jailbreak, it tell you "Failed to connect the device, please try again".
So stay away from such tools as it may harm your iPad 2 and don't forget to let your friends know that. You also have to know that iPhone dev-team iPad 2 jailbreak almost done, read this article.