RED Scarlet exists and there's proof! MacVideo.tv has video of RED's Ted Schilowitz demonstrating a working model. The portable RED Scarlet features a fixed 8 times zoom lens, a 2/3-inch sensor, records up to a 3K resolution and is capable of shooting at speeds of up to 120 fps.
Unfortunately, as Jim Jannard posted on reduser.net last Friday, the status of when Scarlet will ship is still unknown due to the Japan tsunamis. Jannard promises to update as soon as they have more info.
Watch the video of the RED Scarlet demo here.