Good news fellas. Untethered jailbreak for the iPad 4.3.1 has been released and folks at iPaded have posted instructions on how to do it. Basically, all you have to do is download PwnageTool for Mac; create a custom IPSW and flash it via iTunes to your iPad.
Untethered jailbreak means that you will not have to jailbreak the iPad again and again after every soft reset (reboot) – this is the opposite of what we call tethered jailbreak. Oh, and keep in mind that this jailbreak is not compatible with the iPad 2.