We have been hearing that Google updated the factory images of Nexus smartphones and tablets to 5.0.1 which introduces few bug fixes and more recently that Android 5.0.2 was released for Nexus 7 tablet. But now Google has officially confirmed the latest version of Lollipop which is Android 5.1.
The first devices that will be getting this version of Android will not only be the Nexus devices but Android One devices too that were launched for the developing countries by Google. This has been confirmed in the official site of Android One by Google. We think lots of bug fixes and performance enhancements will be included as part of the latest build but Google is yet to release the changelog and builds.