If you have still not received the Android 5.0.1 update via the official OTA rollout yesterday on your Moto 360 the update file has been uploaded to the interwebs. You will have to be rooted in order to flash the image to your Smart watch. You will also need to know a bit about flashing images via ADB. Anyone who has ever had to restore their device via ADB will already know a good bit about the process. There is a full guide along with the download link. You could simply copy and paste the appropriate commands. Head to the link below for the file and full install instructions.
Via XDA