The Nexus 5 OTA Lollipop 5.0.1 update could be coming soon but for now Google has updated the factory image page on its developers website with some links to help you to update your device manually.
You can find the link for download at the “Factory Images for Nexus Devices” page. This download it’s from Google’s servers with a build number LRX22C.
However T-Mobile and Sprint updated their support websites yesterday saying that the OTA update of this new Android version will begin within the next 24 hours after that. If you are scared of losing data, the best way to go about updating is to check the “System updates” page under Settings -> About phone.
Enjoy this update on your Nexus 5!