I apologize for the language, but one of my co-workers said that the new logo looks like a penis (the diagonal branch) with a dangling scrotum (the vertical branch) to him. The circles on the end are the glans and the testes. Unfortunately, I do now see what he is saying.
This is yet another incident in a long line of easily-misinterpreted open source project logos or names. MongoDB is one of the most significant, with "mongo" being slang for mental retardation in several languages. The scrotwm window manager, while quite excellent, also has a name that's easily misinterpreted.