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He's already jump to some new game dev and nothing bout' tis game comin up, great.
Not sure where you're getting that from, since all the posts on the site are about this game or a generic "here's some art for X holiday" type stuff.
Maybe read the most recent public post, since that makes it pretty clear that "Lust Line Lilim" (what I assume you think is a new game) is actually one of the main story routes in Fallen Valkyrie.
If you mean some other game, both of these development teams (Tentacle3g and Wolfzq) have pretty much always been part of multiple development projects. We don't know the exact work spilt on Fallen Valkyrie, so it's possible that the art assets are complete and the writing / coding by the other team is taking longer or some other work split. So if one group is doing the art and finished everything needed for this game (for now), then them working on other projects takes nothing from this one.