Asustek has announced its a new ultraportable notebook ASUS S121. The ASUS S121 is a stylish laptop, featuring a 12.1-inch display and Intel’s Atom Z520 CPU at 1.33GHz. The new laptop includes a single SODIMM slot for up to 2GB of DDR2 memory, a 1.8″ hard drive with up to 250GB of storage space or a 512GB solid state drive, a built-in web camera, 802.11n wireless LAN, Gigabit Ethernet, and Bluetooth.

The ASUS S121 weighs around 3.2 pounds with a standard 4-cell battery and runs Windows XP, Windows Vista or Linux OS.

No word about pricing and availability.

The One Laptop per Child (OLPC) project looks to be on track to meet its target of producing a laptop for a price per unit below $100 set out when the initiative was launched in 2005. Work is already underway on the “XO-2″ laptop, which will be cheaper and smaller and will use less power. The XO-2 comes with Nintendo DS-like dual-touchscreen displays, which can be customized for different aged children, different applications or different languages.

The current purchase price for the XO laptop is $188, but the OLPC is hoping that it should be able to reduce the price per laptop below the $100 target and it may be possible to achieve a price of $75.

The XO-2 should be available in 2010, but there are reports from info Sync World of an interim XO-1.5 which will be released in the spring of 2009 with the same design as the first generation but with fewer physical parts and at lower cost than the XO 1.0.