Tool and Motörhead are currently in the same Hollywood, California studio working on new material (separately, but they're hanging out). Further insight really can't be given into either recording process except for that they're "Working Hard" and "Bugging you guys." This can be seen through the Adam Jones posted video down below.
Motörhead drummer Mikkey Dee narrates said video which really just features a short conversation between legends and folk. It's definitely cool to see all these great musicians under one roof.
One can only speculate what will come next. In the meantime, there's some music below the studio report itself.