There are currently three active/semi-active branches in the FreeBSD CVS Repository:
HEAD is not an actual branch tag, like the other two, it's simply a symbolic constant for "the current, non-branched development stream" which we simply refer to as -current.
Right now, -current is the 4.0 development stream and the 3.0-stable branch, RELENG_3, forked off from -current in Jan 1999.
The 2.2-stable branch, RELENG_2_2, departed -current in November 1996.
The 2.1-stable branch, RELENG_2_1_0, departed -current in September of 1994. This branch has been fully retired.