Long Valley Caldera in eastern California is an active volcanic area and has shown continued unrest in the last three decades. We have monitored surface deformation from Global Positioning System (GPS) data by using a projection method that we call Targeted Projection Operator (TPO). TPO projects residual time series with secular rates and periodic terms removed onto a predefined spatial pattern. We used the 2009–2010 slow deflation as a target spatial pattern. The resulting TPO time series shows a detailed deformation history including the 2007–2009 inflation, the 2009–2010 deflation, and a recent inflation that started in late-2011 and is continuing at the present time (November 2012). The recent inflation event is about four times faster than the previous 2007–2009 event. A Mogi source of the recent event is located beneath the resurgent dome at about 6.6 km depth at a rate of 0.009 km3/yr volume change. TPO is simple and fast and can provide a near real-time continuous monitoring tool without directly looking at all the data from many GPS sites in this potentially eruptive volcanic system.