Looks like another T-Swift fairytale romance has bit the dust.  According to "Us Weekly", Taylor and Conor Kennedy broke up about a month ago . . . although it may not be nasty enough for her to trash him in a song.

A source said, quote, "They quietly parted ways a while ago.  It was a distance thing.  No hard feelings.  They're fine.  It's been over a month since they've seen each other.  With her promoting her album 'Red', she has no time off."

Of course, a Taylor Swift breakup is always big news . . . so a couple of other sources jumped on the bandwagon with their take on the breakup.

Radar Online claims it's because Conor's too young.  An insider said, quote, "Conor's just an 18-year-old kid and wasn't ready for anything super serious, but Taylor's looking for her soul mate and it kind of freaked him out with how strong she came on."

They added that Taylor was, quote, "More obsessed with the idea of dating a Kennedy, than the actual Kennedy she was dating."

Meanwhile, HollywoodLife.com claims the relationship is NOT officially over.  They have a "source" close to Conor who said, quote, "It's more of a break than a breakup.  I would not be surprised at all if they get back together.  

"They are just very busy with what they are doing in their own lives.  The distance really got to Taylor, and she wanted to slow things down before ruining any potential future they have together.  She is still good with the family and Conor.

"Chances are good they'll be back as an item maybe as soon as the holidays when Conor has more free time."