Apple has released iOS 4.3.2 for the iPad and it appears that pwnagetool is already capable of jailbreaking it. Folks at ipaded have posted complete jailbreak instructions on how to jailbreak the v1 iPad using pwnagetool. Keep in mind that pwnagetool is only available for Mac operating system, so if you are not a Mac user, you should use either Redsnow or Snowbreeze method to jailbreak your iPad.
Unfortunately, this tool is only available for Mac. Read the complete iPad jailbreak guide for iOS 4.3.2.