Today the Lollipop 5.0.1 OTA update was released by Verizon! A few of you have verified today that you did indeed receive the update. If you are S-Off with custom recovery and root it may be a bit difficult for you to take the OTA update. You basically will need to return to total stock prior to accepting the OTA update. A much easier way would be to just flash a prerooted RUU. "Dottat" has already built and released his prerooted RUU of 5.0.1. Just grab the exe launch it and run through the prompts. There is even an option to install a new custom recovery during the process. Alternatively you can grab the zip, place it on your external sdcard, reboot into bootloader mode, follow the prompts once the ruu is discovered. Grab the files necessary below.
via XDA