Seems like pretty clear-cut case of a psychopath. (Although I think psychiatrists are not allowed to diagnose psychopathy in a person under the age of 18? Do I remember that correctly?) I think that he should never be let out, because he will do it again, given the opportunity.
Remind me though, what did that boy get who murdered a girl for a bet over breakfast? I think he was a similar age and also showed very obvious signs of psychopathy.