Taco Bell releases new ad that mocks McDonald's Egg McMuffin

The breakfast wars are really heating up.

In another shot across the bow, Taco Bell released a new commercial Monday that takes aim at McDonald's yet again, following on the heels of last week’s ad featuring real men named Ronald McDonald professing their love of Taco Bell's breakfast.

This time, the ad centers around a man obsessed with the 80’s whose house is filled with a Lover Boy poster and other dated memorabilia. Set to the tune of "Old MacDonald Had a Farm," the man, who has eaten Egg McMuffins since 1984, takes a bite of Taco Bell’s new Waffle Taco and his whole life changes.  He ditches his bad mullet haircut and flip phone, and gets a smart phone.

McDonald's responded to Taco Bell's first breakfast commercial with a photo of Ronald McDonald petting a chihuahua with the caption "Imitation is the sincerest form of flattery."

Meanwhile, Burger King jumped into the fray late last week with its Burger King “King Deals” breakfast value menu and Starbucks revamped its breakfast sandwiches in hopes of driving up sales.

McDonald's did not immediately comment on Taco Bell's latest commercial. But Taco Bell executives say they're just getting started.

"We knew we had to have a disruptive marketing campaign," said Chris Brandt, Taco Bell's chief marketing officer, in a phone interview. "Some of the things on our menu might run out of gas ... [but] I wouldn't give up on the waffle taco."

So, who will win the breakfast wars?

Watch the new commercial and let us know what you think:

The Associated Press contributed to this report.