Ology: A subject of study; a branch of knowledge.
Osophy: belief or doctrine
It seems to me that referring to the study of gods and holy texts as theology is consistant with the definition of that term. But belief systems should be grouped together as theosophies. Most believers don't critically study their religion or beliefs nor do they attempt to add to the body of knowledge regarding gods. To call beliefs, doctrines, creeds or other systems of faith theology is is misuse of the term. Belief is a theosophy, like philosophy.