Nexus 4 is powered by a 1.5 GHz quad-core Qualcomm Snapdragon S4 Pro processor, featuring four Krait cores and the class-leading Adreno 320 GPU. In addition to the fast processor, the Nexus 4 also packs 2 GB of RAM and either 8 or 16 GB of internal storage. The device also features a 4.7″ 720p display, delivering 320 ppi.
Android 5.0.1 factory image has been uploaded by Google. And in a few days time, you will also be able to install it via the OTA. But instead of waiting for the OTA, you can install Android 5.0.1 manually using the factory image. Follow the guide below.