GraalVM is a project based in Oracle Labs developing a new JIT Compiler and Polyglot Runtime for the JVM. Further details can be found on the OTN site.
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Graal SDK contains long term supported APIs of GraalVM.
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Graal is a dynamic compiler written in Java that integrates with the HotSpot JVM.
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Truffle is a framework for implementing languages and instruments that use Graal as a dynamic compiler.
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Tools contains a set of tools for Truffle guest languages implemented using the instrumentation framework.
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Substrate VM is a framework that allows ahead-of-time (AOT) compilation of Java applications under closed-world assumption into executable images or shared objects.
Truffle and its dependency Graal SDK are licensed under the GPL 2 with Classpath exception.
The Tools project is licensed under the GPL 2 with Classpath exception.
The Graal compiler is licensed under the GPL 2.
The Substrate VM is licensed under the GPL 2.