Ok, there is no confirmation about this and Mark Shuttleworth is generally the one to announce the new name, so take this with a pinch of salt.
This was tweeted by Matthew Paul Thomas, who works for Canonical as an interface designer for Ubuntu. But until I hear it from Shuttleworth or as an official announcement, I will continue to support Orgasmic Okapi.
Demystifying the codename Oscillating Ocelot, the Ocelot is a wild cat seen in South and Central America and Mexico including
Texas and in Trinidad, in the Caribbean. The ocelot looks very similar to a domestic cat and it's fur resembles that of a Jaguar. It's fur was once regarded as valuable.