Imagine a magical place inspired by the colorful Mexican holiday, the Day of the Dead, a mix of mariachi, matador skills, adorable serenades, a love story and more importantly -- endless fiestas and all-you-can-eat churros!

Well, in Guillermo del Toro and Jorge Gutierrez's animated film, "The Book of Life," you can find all of the above in the beautifully crafted fantasy worlds of The Lands of the Living, the Remembered and the Forgotten.

The talented "Book of Life" team is at it again. They're revving up for the highly anticipated release of the film on Oct. 17 and have released the film's second trailer, which is sure to further reel in more audiences with its splendid animation.

The 20th Century Fox and Reel FX film, which is produced by del Toro ("Pan's Labyrinth," "Kung Fu Panda 2," "Hellboy" and "Hellboy II" and "Pacific Rim") and directed and co-written by Gutierrez and Disney veteran Doug Langdale, is already generating Oscar buzz in the Best Animated Feature category.

"The Book of Life" stars Zoe Saldana, Diego Luna, Channing Tatum, Ice Cube, Ron Perlman, Christina Applegate, Danny Trejo, Cheech Marin, Kate del Castillo and Eugenio Derbez.

The film is based on the journey of the loveable Manolo (Luna) who is torn between fulfilling the expectations of his family and following his heart. He and the charming Joaquin (Tatum), who's the "town hot shot," vie for Maria's (Zaldana's) attention.

In the meantime, the spirits, La Muerte (del Castillo) and Xibalba (Perlman) place a wager on who will win Maria's heart. When it appears that Maria has fallen for Manolo, Xibalba doesn't want to lose the bet, so he sends a snake to killl Manolo in the hopes that she will fall for Joaquin instead.

In order to return to the human world, Manolo must travel through three fantasy worlds: The Lands of the Living, the Remembered and the Forgotten, to return to his true love. The story emphasizes that love is so powerful that it has the ability to even defy death.

The second trailer, which is very different from the first, seems to cast a wider net geared more toward the mainstream audience. There is more emphasis on the role of beloved actress and Broadway star Christina Applegate who plays Mary Beth, the narrator of "The Book of Life." Last year, Applegate starred in "Anchorman 2: The Legend Continues."

It also highlights the role of rapper-turned-actor Ice Cube who plays the comical Candle Maker. At the end he says, "Today was a good day," a reference to his 1993 single, "It Was A Good Day" off of his third solo album, "The Predator." The former N.W.A. member is currently in the process of making an N.W.A. biopic about the group that included Dr. Dre and the late Eazy-E called "Straight Outta Compton."

Personally, I am fonder of the first trailer for the way the story unfolds. The music conjures more emotion and gives a grander introduction to the "Land of The Remembered." However, both trailers are executed well in their own ways.

Also, like the first trailer, the end of the second trailer features a version of former hip-hop legend, Biz Markie's famous tune, "Just A Friend," adding more comic relief with the help of an out-of-tune piano.

Check out the first and second official trailer for del Toro and Gutierrez's "The Book of Life," which hits theaters Oct. 17 -- and you be the judge.

"The Book of Life" Official Trailer (1):

"The Book of Life" Official Trailer (2):