diff --git a/cpp/include/torch_tensorrt/macros.h b/cpp/include/torch_tensorrt/macros.h
index 8254b69fe9..0ad6159704 100644
--- a/cpp/include/torch_tensorrt/macros.h
+++ b/cpp/include/torch_tensorrt/macros.h
@@ -23,8 +23,8 @@
 #define XSTR(x) #x
 #define STR(x) XSTR(x)
 
-#define TORCH_TENSORRT_MAJOR_VERSION 1
-#define TORCH_TENSORRT_MINOR_VERSION 5
+#define TORCH_TENSORRT_MAJOR_VERSION 2
+#define TORCH_TENSORRT_MINOR_VERSION 0
 #define TORCH_TENSORRT_PATCH_VERSION 0
 #define TORCH_TENSORRT_VERSION      \
   STR(TORCH_TENSORRT_MAJOR_VERSION) \
diff --git a/py/torch_tensorrt/_compile.py b/py/torch_tensorrt/_compile.py
index 368c870d70..e83acf166f 100644
--- a/py/torch_tensorrt/_compile.py
+++ b/py/torch_tensorrt/_compile.py
@@ -61,17 +61,17 @@ def _get_target_ir(module_type: _ModuleType, ir: str) -> _IRType:
     else:
         if ir == "default":
             # Options are listed in order of preference
-            if module_is_tsable:
+            if module_is_fxable:
                 logging.log(
-                    logging.Level.Info, "ir was set to default, using TorchScript as ir"
+                    logging.Level.Info, "ir was set to default, using dynamo as ir"
                 )
-                return _IRType.ts
-            elif module_is_fxable:
+                return _IRType.dynamo
+            elif module_is_tsable:
                 logging.log(
                     logging.Level.Warning,
-                    "Input graph is a torch.fx.GraphModule but the ir provided is default (ts). Please set ir=dynamo to suppress the warning.",
+                    "Input graph is a Torchscript module but the ir provided is default (dynamo). Please set ir=torchscript to suppress the warning. Compiling the module with ir=torchscript",
                 )
-                return _IRType.dynamo
+                return _IRType.ts
             else:
                 raise ValueError("Module was provided in an unsupported format")
         else:
diff --git a/py/versions.py b/py/versions.py
index 14f59ce4a0..c114d09325 100644
--- a/py/versions.py
+++ b/py/versions.py
@@ -1,4 +1,4 @@
-__version__ = "1.5.0.dev0"
+__version__ = "2.0.0.dev0"
 __cuda_version__ = "12.1"
 __cudnn_version__ = "8.8"
 __tensorrt_version__ = "8.6"