You're looking at the minimized file. In source/js/timeline.js it says:
Verite Timeline 0.82
Copyright 2011 Verite.co
Designed and built by Zach Wise digitalartwork.net
Date: February 7, 2012
This program is free software: you can redistribute it and/or modify
it under the terms of the GNU General Public License as published by
the Free Software Foundation, either version 3 of the License, or
(at your option) any later version.
This program is distributed in the hope that it will be useful,
but WITHOUT ANY WARRANTY; without even the implied warranty of
MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
GNU General Public License for more details.
http://www.gnu.org/licenses/
I posted an issue on github, recommending they include a license file in the main directory and switch to LGPL. Personally, I'm a fan of MIT/BSD, but if they prefer the GPL style, then the LGPL makes sense if they want the library to be used.