The team at Cyanogen Inc. pushed out what seems to be the final update in the Android 4.4.4 KitKat-based CyanogenMod 11 series, the M12. The highlight in the update is the incorporation of security patches against the POODLE vulnerability in SSLv3, along with improvements for multi-SIM users. The Cyanogen team also indicated that work on the Lollipop-based CM12 has begun in earnest, with the first nightlies expected at the end of the month or early next month.
We are unlikely to enable nightlies against CM12 until towards the end of this month, or early next month, as we work to incorporate the CM features you've all come to appreciate into the new code base, and reimagine those that no longer translate to the Material look of L. It is also currently too soon to tell how many devices will transition from 11 to 12, though early traction has this number higher than we had initially hypothesized.
While not committing to a timeline, the Cyanogen team suggested that "if all goes well, we'll have something special to welcome the upcoming holidays and New Year."
Source: CyanogenMod blog