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We named our PMO Planning Management Oversight. So you can come up with any name to reflects what it actually does.
Although PMO is mostly known for being Project Management Office but In your case, it is wise to go with Program.
Do you expect the team to grow beyond two in the next year or two? If not, why define it as a BU as the overhead of that seems unnecessary.
If you want to go with a progressive term, you could consider Project Delivery Excellence :-)
Either will work, but if your organization isn't familiar with PMO structures, it seems that Program Management Office is the better choice.
I suggest you come up with a random name like Professor Xavier's Lair or if you are sold on the acronym PMO - the office of Premium Mandarin Oranges.
That way in 10 years, after dozens of reorganizations, all the business units that try to have relevant names will have to change their name, but yours won't.
Plus, people will ask you what the Program Management Office does all the time anyway, this way they at least have a good reason to ask. With a fairly random name, they probably won't ask you twice what you do.
based on your description "program management (groups of projects around one business goal) " I see that you are performing also Program Management, so I'd use that
I hope it helps
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