It seems like every big software release is quickly followed up by a bug-fix update, and it looks like that's what Google has just pushed out to AOSP and the Nexus image page. Android 5.0.1 is the latest version of Lollipop and is now available for select devices.
On the factory images page, there are downloads for the Wi-Fi Nexus 9, Wi-Fi Nexus 7 (2013), and the Nexus 10, and we're expecting updates for the rest of the Nexus devices soon.
Google hasn't said anything official about the update, but Peter Kiddier, an intrepid commenter over at Android Police, has picked out the new commits from the source code. The major showstopper looks to be this bug, which, in some instances, could cause stray input on the lock screen to erase everything on the device.
The bug sounds rare, since you'll have to set up certain security policies to risk triggering it. Android can be configured to wipe the device if the user fails the lock screen security challenge too many times. When combined with some lock screens, the security lockout could be accidentally triggered by stray input—for instance, from the phone rattling around in a bag or pocket. The most susceptible is the pattern-unlock screen, which has the user connect a grid of dots to unlock the device. This is normally done in a single sweeping motion, but Android 5.0 will count a single tap on the pattern screen as a "failed attempt."
Since every tap is an "attempt," a few taps on the pattern screen are all it takes to trigger the security lockout and delete everything on the device. 5.0.1 fixes this by only recognizing unlock attempts that reach the minimum length of a pattern, which is four dots. Since it would be nearly impossible for stray input to connect four dots, this bug should be squished. For good measure, Google also applied this to the PIN unlock screen, though the bug is less likely there since "OK" has to be pressed for an attempt to count.
5.0.1 also fixes this bug, which should help with video playback on the 2013 Nexus 7.
We've heard rumors that the Android Wear Lollipop update would come along with Android 5.0.1, so we'll be on the lookout for that, too.
OTAs for 5.0.1 should be out soon. If you don't want to wait, we have a guide on how to flash a system image here.