The circle seems to be complete and Google has finally uploaded the rather mysterious Android 5.0.1 to the Nexus 5 as well. This practically finishes the release of this rather unexpected Lollipop update, which first began with the Nexus tablets and then the Nexus smartphones, sans the Nexus 5, at least until now. In the meantime, T-Mobile has also received the update and has started pushing it to both the Nexus 5 as well as the more current Nexus 6.
The Android 5.0.1 update was first seen in the Android Open Source Project code repository early this month as build number LXR22C. As quickly as it arrived, it also quickly appeared in Factory Image form on Google's support page, at least for the Nexus 9, the Nexus 10, and the 2013 Nexus 7, WiFi-only. It took a week before that same version became available for the Nexus smartphone line, specifically the Nexus 6 and the Nexus 4. Curiously, the Nexus 5 was absent back then.
Now the Nexus 5 joins those ranks, complete with both Factory Image as well as Binaries for the device. The OTA update has also been captured and is linked below, in case you want to manually download and update your device yourself. Be aware though, that it isn't as simple as an OTA update and you will need a bit of familiarity with ADB and sideloading to proceed.
Even better news, the update has hit T-Mobile as well. The carrier has started to roll out LXR22C to both the Nexus 5 and the Nexus 6. It should be remembered that Google has practically washed its hands clean off any delays in rolling out updates to carrier-bought Nexus devices. This quick release from T-Mobile seems to prove that the carrier is up to task. Sadly, there isn't any changelog to strip the mystery off this update.
SOURCE: Google (Factory Images), (Binaries), T-Mobile (Nexus 5), (Nexus 6)