Two years ago, as Taylor Swift began the ambitious task of re-recording most of her albums, fans speculated about many things. What would the albums sound like, who would be featured, but most importantly, what would the vault tracks be?

Vault tracks were tracks Swift had previously written along with the original album but never released.

Recently, the artist took the leap and re-released “1989,” the shimmering pop record that launched her into superstardom.

1989 (Taylor’s Version) features many hit songs — from the bubbly “Shake It Off” to the more somber “Clean” — but perhaps the most intriguing is the new vault track “‘Slut!’”

The expressive title led fans to speculate about the song more than any other on the re-release; would it be a solemn confrontation of the media’s portrayal of women, or would it be a joyful exploration of Swift’s own sexuality, allowing her to “reclaim” the derogatory term? Turns out, the “‘Slut!’” featured a bit of both.

The track reconciles youthful hope, perhaps labeled as naivety, with a more mature view of being in the spotlight.

Swift, now 33, opens by singing, “Being this young is art,” as a reference to her younger years and the clandestine nature relationships had to take on.

However, this is followed by the line “I’ll pay the price, you won’t,” indicating Swift’s understanding that in her many pursuits of love, the blame would fall on her when things went wrong, and she would be the one called names like “slut.”

Especially in the early years of her fame, when Swift herself was barely an adult, she was often dragged by the tabloids. They commented on everything from her body to her “inability to keep a man.”

While “‘Slut!’” is not the first time the artist has touched on this subject in one of her songs, it seems to be the first time she does so in a way that takes back power.

In “The Man,” Swift points out that if she weren’t female, she wouldn’t be called a slut for dating so much. Instead, she would be complimented for having “played the field” before settling down. And in “Wonderland,” she describes herself and her hypothetical beau as being “hunted” by the paparazzi.

But “‘Slut!’” takes a different approach. While the pre-chorus seems almost self-critical, as Swift describes how she fell head over heels and displayed it openly, the tone of the chorus is the most telling portion of the song.

“But if I’m all dressed up/ They might as well be lookin’ at us/ And if they call me a slut/ You know it might be worth it for once,” she sings.

It is clear her attitude towards the word has evolved to something closer to pride than shame. Listeners can picture Swift walking the carpet in her bold red lip as cameras flash, whispers about her outfit or rumors about her date already swirling.

Her mind is elsewhere, though, focused on the success she has had in order to garner those stares and on the way the man next to her makes her feel. If she’s so happy, the insult can hardly touch her and is nothing more than inspiration.

While she may not enjoy being reduced to a slut, Swift is no longer shying away from things that may get her labeled that. She has come far enough to control how she reacts to the tabloids and to continue to perform above their expectations.

“‘Slut!’” is a gentle celebration of her ability to embrace an insult that all women know stings the most. It is reflective and sensual, showing her maturity as she comes full circle in her journey of re-recording and reclaiming her albums.