Google has posted the official Android 5.0.1 Lollipop factory image file for the Google Nexus 7 tablet. There is no official changelog released by Google and we will have a little more before we will know for sure what new things are added in this release.
Android 5.0.1 Lollipop OTA Update should also arrive soon, as the AOSP Developing community has already received the Android 5.0.1_r1 build. This new update will surely fix bugs and add tweaks that should make your Android tablet run better than it did with the older Lollipop build. If you want this update right away, then you can always choose to flash the factory image file, but note that you might be forced to wipe all data from the device in the process.
Android 5.0.1 Factory Image installation has to be applied only by advanced users as it is a sensible process that requires using "adb sideload" commands from the Windows CMD screen through your phone's Bootloader menu. Check the info listed here in order to learn how to flash a factory image for your Nexus 7 device. You can download the Android 5.0.1 from Google's Developers web page here. By installing a factory image you will always the data from your device, but there is a small workaround that you can use: open the 'flash-all.bat' script in Notepad and edit it by removing the "-w" term from it, as that should impede the 'factory reset' task from being initiated.
This new Factory Image of Android 5.0.1 Release 1 has the build version set to LRX22C and it is currently available for the 2013 Wi-Fi Nexus 7, Nexus 9 and Nexus 10 devices only. There is no official word on the potential availability of Android 5.0.1 Factory Image for Nexus smartphone. Make sure to check all the important Android-based websites in the following days in order to learn more about this release.