It's called Seabeard, and Rolando developer Hand Circus is making it in partnership with Dragonvale co-developer Backflip Studios.
Seabeard involves exploring oceans (a la Zelda: Wind Waker) and dungeon crawling with an aesthetic and a vibe that looks a heck of a lot like Animal Crossing. I don't know much more about it than that, besides that it looks adorable and it's "setting sail soon."
I included Rolando and Rolando 2 on my list of the best iPhone games that are better on iPad. They were among the best games on the iPhone, and it's exciting to see that Hand Circus is back at it again. Check out the trailer below.