This is one of Alwyn's best kept secrets, and the topic of much speculation in the protein crystallographic community. Morten's favourite explanation is:
"O is the end of FRODO"
Another theory holds that FRODO was written using 0's and 1's, but that for O Alwyn managed to program everything using only zeroes; therefore, the program is actually called "0".
A more recent theory (developed by Ann Elk, Ms.) takes into account the fact that the letter O is ring-shaped. In detail, it holds that:
"FRODO was Lord of the Rings, but O is the Ring of the Lords"
Anna DiGabriele guessed:
"I thought that "O" referred to the Ring in Tolkin's Ring Trilogy."