Cyanogen's making progress on their Cyanogen OS 12 'L' update, and plans to release the Android 5.0-based OS in the next few weeks to select devices.
Cyanogen OS 12 'L' started wider testing back in January, and has finally reached the home stretch in getting ready to deploy it to regular users. The update, based on Android 5.0.1 Lollipop is coming for both the OnePlus One and Micromax Yureka in the next few weeks, with final quality assurance testing under way as we type this.
The CM12 update is coming for the OnePlus One following a public spat between the developer and phone maker, leading to a split that's seeing OnePlus now developing their own Android variant called OxygenOS.
The other major Cyanogen phone — the just-announced Alcatel OneTouch Hero 2+ — will still ship with Cyanogen OS 11 sometime in Q2 this year, though Cyanogen is working on bringing the L update to that phone as well. The only hitch lies in what powers the Hero 2+: a MediaTek processor that's prompted Cyanogen to work with the chip manufacturer on improved compatibility. They're anticipating releasing Cyanogen OS 12 'L' for the Hero 2+ in May or June of 2015.
Naturally, there's the question of Android 5.1, which was released just this week. While Cyanogen is working off of Android 5.0.1 right now, they're also "evaluating the changes in this newest version and will release this as part of a future OTA update after the initial 'L' update."