Android 5.0.1 Lollipop raw AOSP builds for several Google Nexus tablets come to surface
As the naming suggests, Android 5.0.1 is just a minor update over Android 5.0. There's no word on what's exactly been improved, however, it is logical that Google has did it best to fix some of the more serious bugs and flaws that many of the early Lollipop adopters experienced - the Wi-Fi and the flashlight bugs, for example.
The rumor mill also has it that Android 5.0.1 might also hit the various Android Wear-powered gadgets. One of the main that goodies it will introduce is said to be better battery life, which is always welcome, regardless of platform or gadget!
source: Google via Android Police