What is the release cycle of OpenStack and what is the latest release?
OpenStack has a 6 month release cycle and the latest release is the 9th, called ICEHOUSE. To read more about what is new in ICEHOUSE refer
http://blog.cloudthat.in/openstack-icehouse-is-here-to-chill-you-this-summer/
Icehouse which is Currently stable release and is security-supported.
Upcoming release of the Open Stack is Juno which is currently under developed and it might release on October 2014.