It's apparently true. The original is not even 20 years old yet (and it has only been off the air since 1997 - I can't believe that show lasted 4 years!), but it's looking to make a return. I'm curious as to how successful it'll be. Metal isn't nearly as popular now as it was when B&B was mocking pop music back in the early-to-mid 90's (and even then, metal was on a long, slow decline, being taken over by the emergence of rap music into the mainstream). I think the show's saving grace is the popularity of snark and pop-culture bashing these days, as evidenced by shows like TMZ.
I hate to admit that I kind of liked the show back in the day. I even bought Beavis & Butthead Do America when it came out on VHS! It was a lot like South Park: mostly just plain offensive, with a couple of intelligent, subversive comments about North American culture sprinkled here and there. Add in the occasional metal song and a lot of mocking of popular music, which made for a couple of decent episodes.
This next decade should be amusing at least, watching as the best and worst of the 1990s gets brought back for this generation to either claim as their own or mock incessantly.