Looks like the folks over at AndroidPit have received quite the tip from a couple of trusted (completely separate) sources, as they say that Android 5.1 is coming as soon as February 2015! They even have a changelog.
Android 5.1 Changelog
Silent mode added after missing on Android 5.0
General improvements in system stability
Improved RAM management
Fixes for sudden app closures
Improved battery management
Excessive consumption of network devices when used Wi-Fi fixed
Issues with wireless connections fixed
Problems with Okay Google function solved
Notifications problems solved
Some sound problems experience by certain devices fixed
Other improvements and changes
Changes in the Material Design color palette
Currently they have no information regarding new functions or features, but we’ll be on the lookout for word of those.
Those that are still waiting on Android 5.0 may find it disheartening that they’ll have to wait all over again for an incremental update, but it is good to hear that Google is working hard to fix the baggage of issues that Lollipop brought with it.
source: AndroidPit
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