The 26-year-old pop star stepped out with the 22-year-old Australian singer soon after breaking up with The Hills: New Beginnings star Kaitlynn Carter following a two-month romance, which had followed her split from husband Liam Hemsworth. Over the past week, Miley and Cody have showcased their affections towards each other all over Instagram, including during her recent hospitalization for tonsillitis.
"Miley is being Miley," a source told E! News on Wednesday. "She is having fun and that's all. She is not looking for anything serious. She has known Cody for a long time and is very comfortable with him. There's no strings attached and she is just going to see where each day takes her."
"She wants to let loose and just be free," the source added. "She doesn't take anything too seriously or think too much about what she's doing. She was in a relationship with Liam for a very long time and now is her time to do what she wants to do. She doesn't have to answer to anyone and is happy about that."
Miley did, however, refer to Cody as her "BF" on her Instagram Story on Tuesday in one of her posts about his hospital visit.
Miley and Liam were married for eight months and had been in an on-again, off-again relationship for 10 years before the singer announced their split in August.
The 29-year-old Australian actor has not commented on his ex's romances with Cody, or Kaitlynn, 31.
Another source had previously told E! News that Miley had called things off with Kaitlynn because "it was getting serious" and the singer "wasn't comfortable with that."
"It went from 0 to 60 and she wanted to put on the brakes," the source said. "It was unexpected to end things so abruptly, but it had to be done. She just got out of her marriage and Miley felt like she and Kaitlynn got carried away."