A little over a month ago, Maynard was asked about when fans could expect a new record from TOOL, and he said the band is still in writing mode. Looks like they had a really productive month, because according to the band's newsletter, they entered the studio last week.
While the newsletter update is a bit cryptic and incoherent (read it on the band's official page), what I gather is that on Thanksgiving day, the band entered their home studio with producer Joe Barresi and began tracking the new album. The band is going anolog for the sessions using a rare Studer A827 analog tape recorder (going for a cool $11.5k on eBay). Apparently, during the 4-day weekend, they completed a bunch of recordings.
Additionally, there are some hints of a short run of winter tour dates. We'll have to wait and see for that. Who's pumped?