Android 7.0 Nougat statue unveiled by Google
Google doesn't explain why it choose Nougat over all other suggested names (Nutella was widely expected to be used), but we guess that this doesn't really matter. Android Nougat sounds pretty cool anyway. By the way, Google confirmed that Android Nougat is version 7.0, not 6.1, as this is a major release that deserves a brand new number.
There's still no word on exactly when Android 7.0 Nougat will be launched, despite the fact that a public Android N Developer Preview has been around since March. In any case, Android Nougat will likely be ready for roll-out sometimes in the coming months. Until then, you can check out our Android N Developer Preview overview (and keep in mind that the final version of the OS will certainly bring changes and enhancements, though they may not be important ones).