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Here's a timeline for the upcoming Valentine's Day events:

Saturday, February 8 at 0:00: Past Valentine's dragons will be breedable. They will remain breedable for exactly seven days, ending February 15 at 0:00. Like the Holiday Event, breed limits for past Valentine's dragons will be removed.
Friday, February 14 at 0:00: A new Valentine's Day dragon will be released. It will drop for three days, ending February 17 at 0:00. In addition, a special event will begin at this time, lasting one week (it will end February 21 at 0:00).

There will also be some downtime in the next two weeks, due to some unfortunately-timed datacenter changes. The downtime will last approximately two to four hours, and I will try to schedule it to be during a low traffic period (although that may not be possible). It is likely going to overlap with Valentine breeding (although it shouldn't interfere with Valentine's Day itself). This post will be updated with details as they are available.