It doesn’t look like the 2012 model of the Nexus 7 is ever going to get updated to 5.0.1, as today Google has updated its factory image download page with a previously unseen build of Android—version 5.0.2. Not much is known yet in regards to what the update packs, or whether or not all devices will be getting it at some point, but it’s likely this is just an additional build (LRX22G) Google is pushing to fix some bugs specific to the Nexus 7.
In this case, the update is for the “nakasi” Wi-Fi model of the Nexus 7 (2012). To get your hands on the update, head over to Google’s factory image download page. And if you’re not quite sure what to do with that factory image, we have a convenient guide written up just for you—although it’s best for those who aren’t as experienced to just wait for the OTA as it will surely be dropping relatively soon.