........ I hope if i do a complete update i will be on 2011.2?
After applying all
the updates, you will get the latest version (and that is P2011.2 at this moment).
Also, is there any release cycle for Pardus?
As far as I know, there is no release cycle.
And as far as software permits, Pardus has a rolling release system.
And when this rolling release system can not be continued because of the software, there will be an Upgrade Manager (package) in order to install the next Version.
This is the way it has been up-to-now.