As I recall, OS/2 was started as a joint IBM-MS project as a high end fully pre-emptive multitasking 32 bit OS, rather than continuing to fiddle with the DOS-based Windows. There was some sort of falling out between the partners, and MS went on to use its OS/2 work as the core of a new line -- Windows NT. IBM just didn't know how to do PC operating systems (build them, or market them), and OS/2 just kind of fizzled out. Eventually, the DOS-based Windows fizzled out too (after Win ME) and NT's successors are still with us (currently Win 7).

OS/2 (circa Warp) was quite nice in its time, but by then, MS had an insurmountable lead in the marketplace. I can't imagine anyone in their right mind wanting to bring it back -- its cousin Win 7 is so much better than Warp was, and any current Linux distribution is far superior. What would be the point? There are no legacy applications to speak of, so it would have to have full Windows and Linux compatibility -- now, if IBM were to offer a Linux with full Windows compatibility (better than WINE, and no license fees to MS), and call it OS/2, that might be something interesting. Maybe a VM under the covers with Linux and Windows preloaded? That would still require paying MS, unless someone has a really, really good Win clone. After the PS/2 / Microchannel / OS/2 fiascoes of the late '80s, I don't think IBM would want to get back into a commodity OS market. It just won't be able to do it cheaply enough, unless they rebrand Linux. The market doesn't care any more about IBM -- it's buying Microsoft that will never get you fired.

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