The switch to Android 5.0 is still on hold for flagship devices like the Samsung Galaxy S5, but now Android 5.0.1 is available for some devices particularly the Nexus Devices series, depending on your carrier.
Last week, the Android 5.0.1 update was made available for the Nexus 7, Nexus 9, and Nexus 10 tablets, and it is now available for the Nexus 5 as well. According to Droid Life, an OTA update is also available on the Nexus 4, Nexus 7 (2012) Wi-Fi, and the Nexus 6.
Like all Android updates, it can vary from carrier to carrier. For example, the 5.0.1 update is available for those who have the Nexus 5 on Sprint. According to T-Mobile, they are also doing the 5.0.1 update as well. Android Central says that this update also looks like it is readily available for those who have the Nexus 6.
So that's some updates for Sprint and T-Mobile, but what about Verizon and AT&T? Gotta Be Mobile has stated that Verizon does not carry the Nexus 6, and no word if they will. This can imply that the rollout to 5.0.1 could be slower to Verizon customers of any of their devices. As for whether or not AT&T will be getting this 5.0.1 update on phones such as the Nexus 6, there is no word.
The 5.0.1 update is meant to fix a few bugs that came with 5.0, Nexus 7 users often had a problem with the memory allocated for video playback, resulting in a "There was a problem while playing the video/ Touch to retry" error message. In addition to repairing this bug, another was avoiding accidentally factory resetting a device configured to wipe itself after a number of failed access attempts.
It is interesting that version 5.0.1 is available already, when there has been much commotion about getting the Lollipop 5.0 update on flagship devices. Even the HTC One M7 and One M8 will not be receiving their update until January 2015, and there still is no exact release date for flagship devices like the Samsung Galaxy S5 or the Note 4. I suppose that the demand for solving the bugs in Android 5.0 was greater than the need to actually get the latest installed on devices that do not have it.