The Android team has officially announced the Android 5.1 update on its official Android blog. The announcement comes complete with a few update details, including support for multiple SIM cards, Device Protection and high definition (HD) voice. You'll also get Wi-Fi and Bluetooth shortcuts in Quick Settings.
There's no details on scheduling for which devices and when, but you can start the good old button mash cycle right now. Head to Settings > About Phone > Software Update and get busy. If you're rocking a Motorola phone, Nexus device or Google Play Edition you're likely to be first in line for the update.

The first devices to get the Android 5.1 update will be the T-Mobile Nexus 6 and Verizon Nexus 6, with the T-Mobile Nexus 5, Nexus 7 and Nexus 4 also on the rapid fire update list - possibly by the end of the day if you're lucky.
One of our sources previously informed us that Android 5.1 would be launched by the end of February or early March, and a second, completely separate source, also privy to important information regarding Android updates, confirmed it. 

Not only that, this is allegedly a rather large update with many interesting new features. See the changelog provided to us (from mid-December) below:
Silent mode added after missing on Android 5.0
General improvements in system stability
Improved RAM management
Fixes for sudden app closures
Improved battery management
Excessive consumption of network devices when used Wi-Fi fixed
Issues with wireless connections fixed
Problems with Okay Google function solved
Notifications problems solved
Some sound problems experience by certain devices fixed
Other improvements and changes
Changes in the Material Design color palette (after users complaints, possibly for a higher version though)