Lollipop was originally called Android L during development and was version 4.5. Once it was finished and officially named Lollipop is was numbered version 5.0
I would argue that point slightly. Software usually has a codename and development version that aren't used for the official release. They never intended on it being called Android L or being version 4.5. Lollipop is a whole new iteration of Android. It would be weird to call it anything but v5, and all Android releases have had candy/desert names. No reason to break that pattern now.
CyanogenMod is based off of AOSP which is the official Android. So when a new version of Android is release, CyanogenMod will be rebuilt using the new version as a base. So for every new version of Android you get a new version of CyanogenMod.
CM12 = Lollipop 5.0
CM11 = KitKat 4.4.X
CM10 = Jellybean 4.1.X
CM9 = IceCream Sandwich 4.0.x
And on and on
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