According to a fan on Reddit who goes by the name of D1g1talS0ul, he went to a VIP meet and greet in Salt Lake City, UT where Adam Jones revealed that Tool have two albums worth of material, but only have five songs that like. It is unknown if this is actually true, but you can read what the fan had to say below.
“I learned a lot of insight about the band from the Q&A with Adam. There was 150 of us in a room with him and it felt very personable. He played for us, talked about he and Justin play off each other to create a 5/7 rhythm. Played a riff that’ll be on the new album. Said they had enough music for two albums but only 5 meet their (tools) standard right now. Adam, Justin and Danny are in the studio 1PM-4PMish I think he said Tuesday-Thursday. Once 90% of the instrumentals are there Maynard comes into write (that’s how Maynard likes to work).”
Metal Anarchy 
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