Yes there is, it's called Timber!
gaming.stackexchange.com/users/12087/Mr Smooth
Treecapitator does this and is highly configurable.
gaming.stackexchange.com/users/43473/JoeClacks
Within vanilla minecraft there are a variety of methods for quickly chopping down trees.
From the original question, it is unclear if the desire is clearcutting, or harvesting massive amounts of wood.
For clearcutting, one can use flint and steel and burn the forest.
Back in the days of beta, this could cause quite a spectacle.
In current (release 1.6.4) days, fires do not get out of control, but most wood on most trees is destroyed.
For massive wood production, best to create a farm.
The single most important feature of a farm, is a top barrier to keep trees from growing too large.
(Especially important for oaks).
Once you have a farm, then Diamond Axes enchanted axes of efficiency Beacons of Haste or Potions of swiftness are all mechanisms by which your harvesting will be vastly sped up.
gaming.stackexchange.com/users/16398/John
Thaumcraft Axe of the stream works nicely too.
If you just want to harvest wood though, Forestry will let you set up a pretty much completely automated wood farm pretty easily which you can pipe into a chest with buildcraft pipes or redpower tubes.
gaming.stackexchange.com/users/34335/mopsyd
There are now AFK designs that cage a wither, and have the wither perform the harvesting.
All that is required is steve to plant the saplings.
So, if you want infinite wood, and have infinite bonemeal there is a path:
gaming.stackexchange.com/users/16398/John
I find chopping down trees to be a long and laborious process, especially when dealing with extremely tall trees, where I need to build a tower up to the top to complete the job.  Is there any way to speed up the chopping down of trees?
Is there any way to speed up the chopping down of trees?
gaming.stackexchange.com
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gaming.stackexchange.com/questions/45244
gaming.stackexchange.com/users/5650/ianc1215
Try Timber, Treecapitator, Forestry and use the Diamond Axe or Thaumcraft Axe. While there are ways to do the action in question, players tend to use plug ins.
The community offers solutions by using plug ins. A solution without the need of plug ins, is offered.