New CyanogenMod 12 nightlies built for Android 5.0.2 are already rolling out to some devices. The first 32 devices to have their updates include LG Optimus G, HTC Droid DNA, LG G2 and HTC One XL. Some bugs are expected to appear but most core functions will work perfectly from the go.
Some features made specifically for Lollipop will be added later on, and they include ambient display and a new SMS app. CyanogenMod 11 users can now flash the new nightlies over their current ROM. The update will remove any user related data and apps that are not compatible with Lollipop.
This early build is by no means a pillar of stability so if you want the Lollipop experience with little to no bugs you should stay away from it and be patient until a stable ROM version is available.