CyanogenMod nightlies based on Lollipop due out by the end of November, CM 11.0 M12 now available

That's right, all those custom ROM fans that are rooting for CyanogenMod will be pleased to know that the first nightly builds of the custom firmware will make an appearance for select devices by the end of this November or in the beginning of December in the worst case scenario. With the raw AOSP Lollipop images already out for roughly ten days and openly-available for the tireless developers, it was just a matter of time before Cyanogen announced that a Lollipop-based CyanogenMod ROM is in the works. Earlier this year, we had heard that the team behind the firmware won't rush the release of this build, and it seems that will be the case indeed. 

The reason for this delay is the amount of work required for the "CM features users have all come to appreciate" to be ported from CM11 to the CM12, as the latter relies on a new code base. Interestingly enough, Cyanogen cannot predict how many CM11 devices will receive CM12, yet it is estimated that the number of such devices might be higher than initially expected. 

source: Cyanogen via MobileSyrup