Steven Tyler Topless in Maui

1/2/2012 9:00 AM PST

Steven Tyler -- Topless in Maui

A newly engaged Steven Tyler exercised his right to bare chest yesterday in Maui -- celebrating the New Year with a topless Speedo-clad snorkeling excursion ... not far from his new fiancee.

Steven and his lady Erin Brady have been spending a lot of time in Maui recently -- and as TMZ first reported ... even hired a local spiritual leader to come bless their new Hawaiian home.

TMZ broke the story ... Steven and Erin got engaged on the DL last month -- and Steven's family was pissed they got left out of the loop.