His website Lindseybuckingham.com posted today that he is in fact in the process... No exact release date announced... No title announced.
"Lindsey has been working on a new solo album, which is currently scheduled for an early 2011 release. The album is currently untitled. Check back soon for details!"
Source: Lindsey Buckingham
2011 will be a big year! This along with Stevie's album... It doesn't get much better then this!