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The team behind the Cyanogenmod Android custom ROM have explained that they are not intending to release an Android L version of the operating system until it is past the developer preview stage

From Neowin:
The team behind the hugely popular Android custom ROM, Cyanogenmod have responded to requests for a version of the operating system built atop the recently-released Android L Developer Preview with a clear "No." Many thought that a preview edition of Cyanogenmod 12 based around Android L would become available shortly after the release of the Android L Developers Preview, but Cyanogenmod has confirmed this will not happen.

Writing on the team blog, the group explains how creating CM12 now would "boil down to a waste of time," as the Android L developer preview code is, although easily mergible with existing Cyanogenmod 11 code, still exactly that: a developers preview. They are worried that before Android L hits an official release, substantial changes could appear in the codebase that would mean the subsequent lengthy editing of Cyanogenmod.
  No plans for Cyanogenmod 12 Android L until full release