Steven Spielberg's Movie 'The Fabelmans' Gets Standing O at TIFF

Steven Spielberg has done it again -- his latest flick got a standing ovation at the Toronto Film Festival this weekend ... and the Oscar buzz is so loud you'd think it was a chainsaw.

The iconic moviemaker got a packed room of ticketholders at TIFF Saturday to rise to their feet once the credits started to roll at the conclusion of his newest offering, 'The Fabelmans,' which is inspired by his own life and family ... and story about how he got into filmmaking.

According to critics and journos who were there ... it's being considered a masterpiece, and perhaps one of SS' best projects to date -- which is saying something, of course.

The premise is about a kid growing up with a creative mother who's into the arts and feeds her son's passion for filming -- while the father is more grounded and pushing the boy into a more stable career. Supposedly, it's part dramedy, part biopic ... and most say it's fantastic.

Essentially, it's Spielberg's love letter to cinema -- and based on the response it's getting so far ... some feel a frontrunner at the Oscars has emerged, including on the acting front.

Michelle Williams is getting rave reviews for her stellar performance -- and Paul Dano, too, is receiving kudos for a job well done. Considering the Academy's long history of loving/voting for movies about movies, this one is sure to do well come awards season.