While Android Lollipop is only just rolling out to devices in India, Google has already started pushing the next iteration. The new build for Android 5.0, that is 5.0.1, has been pushed out to the Android Open Source Project already. The code is showing up on AOSP with the build number LRX22C. Of course, this is an initial release, which will most likely be fixing bugs etc. from the original. We wouldn’t expect big changes in this one.
Note that the factory images for some of the Nexus devices are also already available. The Nexus 9 WiFi version, Nexus 7 WiFi and Nexus 10 can all be upgraded to Android 5.0.1 using these images right now. The factory images are available from Google quite easily.
The Nexus 4, Nexus 5 and interestingly, even the Nexus 6, seem to be waiting to get the update still. Google is likely working out last minute details before going for a full OTA roll-out for this version of Lollipop.
You can check it out here.