This option has four sub options of…
Phone: This lists all of the songs currently on your mobile device as well as those found on attached storage medium (such as a memory card), entering this menu allows you to browse the music on your device in alphabetical order either listed by song name, artist name, album name or folder name. (With some 5500+ songs on a memory card installed in my device the first time this option was used, it took nearly 2 minutes to load with each subsequent time taking about 20 to 30 seconds for my songs to appear).
Home music share: This is to access music on another device connected to your network that has been configured as a DLNA server such as a network attached storage device.
My playlists: This option allows you to create, edit and delete playlists as well as to access those created for playback.
Recently played: This simply lists the most recently played songs.