MIUI release cycle

Nov 21, 2010
Can someone help me understanding the release cycle of MIUI? I try to read the google translate version of the miui.com site with no luck.

They mention something about the next release (0.11.26) being the fourth closed beta. I suppose everything is in closed beta now and 0.11.19 is the third cycle (or whatever it may be).

Any more insight is appreciated.