Ubuntu 11.10 will be called Oneiric Ocelot
Mark Shuttleworth, the founder of Canonical, has a fantastic blog post that discusses how the developers of Ubuntu arrived at Oneiric Ocelot. Oddball Octopus was almost chosen, because it has been eight years since Ubuntu was first conceived. Osculant Orangutan was mooted too, due to the welcoming nature of the Ubuntu community.
The ocelot, which is a cute wild cat, was eventually chosen -- apparently because it represents the "discipline" that will be needed to drive innovation in Ubuntu 11.10. Oneiric, if you're wondering (leave a comment if you've ever used 'oneiric' in conversation), means 'dreamy.'
In other news, Ubuntu 11.04 Natty Narwhal, which is due to be released in April, recently reached Alpha 3.