Apple has recently updated to iOS 4.3.3 that now fixes location tracking, which brings us to the jailbreak. You can now use RedSn0w to jailbreak this new operating system.
RedSn0w iOS 4.3.3 Jailbreak is now possible, thanks to great information via iDB there has not been a i0n1c’s untethered jailbreak exploit patch but the Dev Team will give jailbreakers the updated jailbreak tools fairly soon.
Whilst you wait for the official jailbreak you can use RedSn0w over your iPhone 4.3.3, you must be aware that this will be a tethered jailbreak but yet still good enough to use until PwnageTool, RedSn0w and Sn0wBreeze gets the official update.
The source above tested this on its iPhone 3GS but suggests it will work on other devices such as the iPod Touch 3G, iPod Touch 4G and Apple iPhone 4. You will need to update your phone to the new iOS 4.3.3, wait for a PwnageTool update if you wish to keep your device unlocked.
Personally you should wait for the official updated jailbreak, please visit iDB on how to jailbreak you iPhone iOS 4.3.3 using RedSn0w. Please do let us know if you try the above, we would like to know how it went.