Android 5.1.1 Lollipop
Users can update Nexus 4  to Android 5.1.1 Lollipop via CyanogenMod 12.1 Nightly ROMIBTimes UK

Google has just rolled out a new Android 5.1.1 bug-fix update with build number LMY48M via factory images for a spate of Nexus devices including Nexus 4, Nexus 5, Nexus 6, Nexus 7, Nexus 9 and Nexus 10. This update comes close on the heels of recently released OTA update for the T-Mobile version of Nexus 4, Nexus 5, Nexus 6, Nexus 7 and Nexus 9.

Interested Nexus users can go ahead and flash the latest Android 5.1.1 Lollipop update on their Nexus device, using the factory images posted on Google's official developer website. The factory images for the most stable build of Android 5.1.1 can be flashed through a quick fastboot setup.

Check out the official download links for each of these Nexus devices posted as factory images (below):

Nexus 4 aka occam: Android 5.1.1 LMY48M factory image

Nexus 6 aka Motorola Shamu: Android 5.1.1 LMY48M factory image

Nexus 9 (LTE) aka volantisg: Android 5.1.1 LMY48M factory image

Nexus 9 (Wi-Fi) aka volantis: Android 5.1.1 LMY48M factory image

Nexus 5 (GSM/LTE) aka hammerhead: Android 5.1.1 LMY48M factory image

Nexus 7 (2013 Wi-Fi) aka razor: Android 5.1.1 LMY48M factory image

Nexus 10 aka mantaray: Android 5.1.1 LMY48M factory image

For assistance on installing the latest Android 5.1.1 factory image on your Nexus device, check out the step-by-step guide posted here.