I have uninstalled and re-installed TWS to see if that fixed the issue per another forum topic I found.

Just a hunch but I believe the issue may be due to have SHIELD Platform Encryption installed as I get a warning in the error list stating: 

Warning 1 The element 'fields' in namespace 'http://soap.sforce.com/2006/04/metadata' has invalid child element 'encryptionScheme' in namespace 'http://soap.sforce.com/2006/04/metadata'. List of possible elements expected: 'caseSensitive, defaultValue, deleteConstraint, description, displayFormat, displayLocationInDecimal, encrypted, externalDeveloperName, externalId, fieldManageability, formula, formulaTreatBlanksAs, fullName, globalPicklist, indexed, inlineHelpText, isFilteringDisabled, isNameField, isSortingDisabled, reparentableMasterDetail, label, length, lookupFilter, maskChar, maskType, metadataRelationshipControllingField, valueSet, populateExistingRows, precision, referenceTargetField, referenceTo, relationshipLabel, relationshipName, relationshipOrder, required, scale, startingNumber, stripMarkup, summarizedField, summaryFilterItems, summaryForeignKey, summaryOperation, trackFeedHistory, trackHistory, trackTrending, trueValueIndexed, type, visibleLines, writeRequiresMasterRead, unique' in namespace 'http://soap.sforce.com/2006/04/metadata'.