We present a new version of our racetrack inflation scenario which, unlike
our original proposal, is based on an explicit compactification of type IIB
string theory: the Calabi-Yau manifold P^4_[1,1,1,6,9]. The axion-dilaton and
all complex structure moduli are stabilized by fluxes. The remaining 2 Kahler
moduli are stabilized by a nonperturbative superpotential, which has been
explicitly computed. For this model we identify situations for which a linear
combination of the axionic parts of the two Kahler moduli acts as an inflaton.
As in our previous scenario, inflation begins at a saddle point of the scalar
potential and proceeds as an eternal topological inflation. For a certain range
of inflationary parameters, we obtain the COBE-normalized spectrum of metric
perturbations and an inflationary scale of M = 3 x 10^{14} GeV. We discuss
possible changes of parameters of our model and argue that anthropic
considerations favor those parameters that lead to a nearly flat spectrum of
inflationary perturbations, which in our case is characterized by the spectral
index n_s = 0.95.
