Tool's new record is "coming together swimmingly" according to Maynard James Keenan who posted an update via Puscifer's Facebook page:

From MJk: I've been making regular trips to LA to check on the writing progress of my Tool brethren. Things are progressing nicely. Slowly, but definitely progressing. Nothing is recorded yet, but the guys are confident that the pieces are coming together swimmingly and will be ready for me to begin writing melodies and content 'soon'. I'm as anxious to get this album completed as everyone else. But as history will show, you can't rush these gents. Patience is Gold in this Sound Mine. In the meantime, as always, other things are simultaneously occurring. Life is too short not to create something with every breath we draw.