Universal Analytics is the new version of Google's analytics software. It promises more features and better insights.
To get this set up you need to create a new property; this is separate from your current property, which means your old data will also be separate, but you will still have access to it. Universal Analytics: Switching to the Next Version of Google Analytics has a good rundown of how to set up your new property.
Let me know if and when you want to get the new tracking set up.