He is however mum on the details of said project. The only thing that is mentioned by Molyneux is that this project is a new IP (intellectual Property).
Molyneux has been reported saying he is increasingly depressed and disappointed about the outcome of Fable 3 and that he is bored of how games are becoming too similar and boring.
I posted a few days previous to this news that Molyneux would either reboot Fable or start a new IP. Seems my guesses are correct. For Now ;)
P.S.- It's probably not Milo.