As we recently find out, Pangu Team put on fire the entire jailbreak community with their latest stunt , presenting a jailbreak solution for iOS 10.3.1 at a mobile security conference in Beijing - and look like they have a release date strategy. According to rumors, the release of the exploit will take place after Apple introduces the final version of iOS 10.3.2.
Though Pangu does not give any information the plan seems to be logical. Thus avoiding a possible block to iOS 10.3.1/2 jailbreak exploits with the update. The good new is that Pangu confirms that the jailbreak tool works with the current version of the OS.
Of course, there is the possibility that Apple will launch iOS 10.3.2 a little later than we expect, and in this idea the jailbreak for iOS 10.3.1/2 will be released later than we all would like.
There is also the possibility that Pangu can release the iOS 10.3.1/2 jailbreak at a later date for various reasons, so you should not rely strictly on rumors. A lot of people are waiting for this jailbreak solution, and that motivates iOS hackers, but the release date needs to be prepared with care.
If your iPhone or iPad is running iOS 10.2.1, for which there are no public jailbreak solutions, Pangu Team recommend an update to iOS 10.3.1.
My opinion is that the iOS 10.3.1 jailbreak solution is likely to be launched until the WWDC 2017 and also the first beta for iOS 11. Also, if your device is running iOS 10.2 with jailbreak, I recommend waiting until Pangu launches the final jailbreak solution for iOS 10.3.1/2.