A nyp is the name for two bits, in analogy with "nybble" (the name for four bits).
This coinage is set to appear in the answer to exercise 3 of section 1.3.1' in Donald Knuth's Fascicle 1 (MMIX) for The Art of Computer Programming [Zeroth printing (revision 1), May 1999]
I suggested the following additional terms to Dr. Knuth, but he was less interested in them:
- dyp: After "deep". A four-byte value. In analogy with Don Knuth's coinage of "wyde"  for a two-byte value, following the spatial analogy.
- hy: After "high". An eight-byte value.
- byg: After "big". A 16-byte value.