A renowned security researcher named Adam Donenfeld has disclosed via Twitter that the iOS 10.3.1 jailbreak seems imminent, although its public release could take some time. With Apple recently rolling out iOS 10.3.2, it has become imperative for prospective jailbreakers to either avoid the new update or downgrade it to a lower firmware like iOS 10.3.1 or older, as the new firmware is known to patch up at least eight of the existing jailbreak exploits.
The researcher has also confirmed in one of this recent tweets that he would soon be releasing one of those exploits for jailbreaking iOS 10.3.1 or older firmware. The news about the exploits' existence and the probable release of one such exploit came out during the Twitter promotion of the researcher's recent visit to security conference.
The upcoming security conference aka jailbreak convention is scheduled for August while we await the announcement of next jailbreak release for the public. Meanwhile, prospective jailbreakers are advised to save their SHSH2 blobs, especially if they are running any iOS versions older than iOS 10.3.2.
On the contrary, those who are already running iOS 10.3.2 are advised to downgrade back to iOS 10.3.1 or any older firmware to fancy chances of getting a working jailbreak in the near future. As Apple is still signing this firmware, it may be your last chance to do so.
iPhone 7 owners seem to be out of luck as Donenfeld has refused to answer a fan query on whether the new jailbreak will be compatible with the handset. On the brighter side, the researcher has suggested that iOS 10.2 could also be jailbroken using the newly discovered exploit.