Odds are we won't see it until 2013 at the earliest. From what I can tell, this is Telltale's schedule at the moment.
-First they have to complete Back to the Future. That'll happen in May.
-Jurassic Park launches in April. I'm guessing it'll be five monthly episodes, the usual deal, so it should finish in August. Maybe September, since their episodic series have skipped a month before.
-In that time, they should also be releasing Puzzle Agent 2, as well as the PC/Mac/iPad versions of the first episode of Hector: Badge of Carnage. (I know Telltale's not developing Hector so it doesn't really affect how "busy" they are, but it's still worth mentioning.)
-The second and third episodes of Hector come out in the fall, I think.
-The Walking Dead comes out in the fall. That's pretty vague, of course, but usually when people say "fall" they mean September to November. (Yes, I know that's not scientifically accurate.) Whenever it starts, though, it seems the series won't finish until 2012.
-It seems we know everything Telltale's planning for 2011 already. At most, we might see one extra "pilot" game.
-Then comes 2012. (insert idiotic world-ending jokes here) The Walking Dead finishes early in the year, probably between January and April.
-Fables and King's Quest should come out that year too.
Now, Telltale's been getting more and more ambitious, and they've been taking on more and more projects at once. In the past Telltale's done two episodic series (or at least parts of an episodic series) a year. 2006 had the second episode of Bone and the first episode of Sam and Max Season 1. 2007 had most of Season 1 and the first episode of Season 2. 2008 had most of Season 2 and Strong Bad. 2009 had Wallace and Gromit and Tales of Monkey Island. 2010 had The Devil's Playhouse and the first episode of Back to the Future. 2011 will be Telltale's first year doing three episodic series (most of BttF, Jurassic Park, and at least the beginning of The Walking Dead). It seems we already know the three for 2012 too (rest of The Walking Dead, Fables, King's Quest). Unless Telltale is crazy enough to try doing four episodic games in one year, we probably won't be seeing more of the Freelance Police until 2013.
Sucks, but on the bright side I'm sure we haven't heard the last of Sam and Max.