Taylor Swift has said that she is working on new material for her next album and has 25 songs for the project already.

"[I've] been writing so much for the new record...[I'm] already excited about it," she said.

"I've written 25 songs so far, so it's coming along really well," Swift told The Hollywood Reporter. "I've been writing a lot, and I like to take two years to make a record. We're at the end of year one, and I still have a year left to go write. It's looking really great."

Swift just recently released her first fragrance, "Wonderstruck," and hopes it will "help play a role in creating some memories," she told MTV.

Taylor Swift was recently named “Woman of the Year” by Billboard Magazine and will be honored at the 2011 Billboard Women in Music event on Dec. 2 in New York.

Swift, 21, is the youngest winner of the award, which she now shares with Beyoncé, Fergie, and Reba McEntire as well as several other Billboard Awards most notably for "Top Country Album."

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"Taylor has shown the power of good songwriting with music that has transcended genres, and we're thrilled to recognize all of her successes over the past year by honoring her with the Billboard Woman of the Year Award," said Billboard's Editorial Director, Bill Werde.

"At the young age of 21, Taylor has already made a major impact on music and has been an incredible role model for aspiring singers/songwriters and young women everywhere. I look forward to watching her career continue to flourish in the years to come,” he added.

She’s also the youngest person to ever receive a Grammy for “Best Album” winning for her 2010 album Fearless. She has four other Grammy’s under her belt.

Speak Now, her latest album, has sold over 3.6 million copies since last fall making it the most sold album over the last year going five times platinum.

The album will not be released until 2012.