Renaming " NEW" on admin bar

you could add this to functions.php of your currently used theme:

add_action( 'wp_before_admin_bar_render', 'personalize_adminbar_appearance' );

//adminbar//
function personalize_adminbar_appearance() {
        global $wp_admin_bar;

        $wp_admin_bar->add_menu( array(
                'id'    => 'new-content',
                'title' => '<span class="ab-icon"></span><span class="ab-label">' . 'Novelty' . '</span>',
                'meta'  => array(
                        'title' => 'Add Novelty',
                ),
        ) );
}