Google has started rolling out the Android 5.0.1 Lollipop update for the Nexus 7. The company has also uploaded the factory image and relevant binaries for the device on its developer website.
The Android 5.0.1 update contains a lot of minor bug-fixes, including a fix for a terrible memory leak bug that plagued the initial release of Lollipop.
Google had uploaded the factory images and rolled out the update for the Nexus 7, Nexus 9 and the Nexus 10 at the beginning of this month. A week later, it rolled out the update for the Nexus 4 and Nexus 6.
Being a phased roll out, the OTA update is going to take its own sweet time to land on your device. If you are impatient, you can always download and flash the factory image, or manually sideload the update by following this guide.