It’s been an aggravating few days since the release of Android 5.0.1 to about every currently-supported Nexus device except for the Nexus 5, but now the wait is over!
Google has just started the official Android 5.0.1 rollout to Nexus 5 users, and the respective factory images are also available to downlaod. Many sources are indicating that this update is meant to fix certain bugs found in the original Android 5.0 build, including battery drain and memory leak issues. The latest build number is now LRX22C.
If you don’t want to wait for the update to be pushed to your phone, the OTA can actually be sideloaded through some adb commands or you can even flash the entire factory image.
A full changelog has not been posted yet, but I will follow up with that as it gets published in the next few days.