Do you have a reference for that? I might be looking in different places, but my reading suggests that loop rotation is where a conditional is moved to the end to avoid an unconditional branch, sometimes by the compiler. "Sheep race" with it's wasted computation is a little different - it's not a transformation it would be legal for a compiler to make, and possibly doesn't have enough use cases to really have its own well known name.

Oddly enough, I've noticed that the compiler generated code will sometimes not do loop rotation, and and will have a conditional branch in the middle and unconditional at the end. I suspect this is because (a) unconditional branches are often effectively free on modern processors (if all the instructions are cached appropriately), and (b) there are all sorts of subtle instruction layout and ordering that a good compiler does to make things map efficiently to the underlying microarchitecture that means that non-intuitive orderings sometimes have a better cost function.

I did find out that what I called "interleaving" is more properly called "software pipelining".