I thought it wold be natural to do a fallout sequel. (im not even a fan of fallout but the chances looked higher for that instead of ESVI)

This is NOT a game by Bethesda Game Studios. It will be published by Bethesda Softworks, the publishing apparatus of the Zenimax group.

Does this mean there are two separate teams working on two games then? If so great news!

Zenimax has several developers under their corporate umbrella and they all work independently on their own games. So yes, Bethesda Game Studios works on the Fallout and Elder Scrolls series. All of the games produced by these developers gets published by Bethesda Softworks.

See http://www.zenimax.com/profile.htm for the corporate breakdown.

AH! I see phew, was very worried there. Thanks guys.

Hmm, I need to see about getting that page updated.

Quick summary

Bethesda Game Studios -- known best for The Elder Scrolls 1-5, Fallout 3

id Software -- known best for Wolfenstein 3D, DOOM, QUAKE, RAGE

Arkane Studios -- Creators of Dishonored and Arx Fatalis

Tango Gameworks -- new studio led by Shinji Mikami (creator of Resident Evil). They're working on The Evil Within

Machinegames -- new studio led by principle founders of Starbreeze (Chronicles of Riddike, The Darkness). Currently working on Wolfenstein: The New Order.

ZeniMax Online Studios -- Our MMO studio developing The Elder Scrolls Online

Battlecry Studios -- Our newest studio that's currently working on an unannounced F2P game.

sweet

The confusion comes from the fact that Zenimax's publishing apparatus shares part of a name with one of its studios: Bethesda. People see "Bethesda Softworks", and think "Bethesda Game Studios" for some reason.