In a rather interesting development, Joshua Hill a.k.a @p0sixninja of the Chronic Dev Team has announced via twitter that the Chronic Dev Team is working on iPad 2 iOS 4.3.1 jailbreak and we shall see an updated Greenpois0n for iPad 2 jailbreak release soon.
However, it is still not known whether the Chronic Dev Team's iPad 2 jailbreak will work on iOS 4.3.1 or the upcoming iOS 4.3.2. Also, they have not revealed whether this iPad 2 jailbreak is going to be tethered or untethered.
Currently the only way to jailbreak iOS 4.3.1 untethered on iPhone, the original iPad and iPod touch is via Sn0wbreeze, Redsn0w and PwnageTool.
More on iPad 2 jailbreak, as it happens.