Friday Puzzle

Just a simple old Raymond Smullyan-type puzzle today...

In a land where all citizens are either "liars" who always lie, or "truthtellers" who always tell the truth, Larry and Tom speak as follows:

Larry: "Both Tom and I are liars."

Tom: "Only one of us is a liar."

What are Larry and Tom?

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ANSWER:
Tom is a truthteller; Larry is a liar. But... what if Tom or Larry had said, "I am a liar"??? (think about it)