The 20-year-old has started the last three games and scored his first senior goal in Monday's impressive 3-0 npower Championship victory over promotion hopefuls Cardiff in South Wales.
Smallwood told the club's official website: "I'm loving every minute of it, it's what I have always dreamed of doing.
"It's been surreal really. At the start of this season, I thought my progression had slowed a bit but it's been getting better and better and scoring my first goal has just topped it off.
"I wouldn't mind a bit of a rest and hopefully come back after the summer pushing to get in the team again.
"Hopefully we can push on and I don't see why not next season for us."
Source: PA
Source: PA