The video is an “advertisement” for a fake smoothie. It has been doing the rounds on Tumblr and fan forums for a few years but has recently popped up on the r/DeepIntoYouTube subreddit.
After spinning round for a bit they end up on a magical island where Taylor Swift plays "Island Girl 1″ and delivers the line: "Would you like a drink from Paco's tiki bar?" and just kind of stares intensely at the camera for a while: