Despite all the standing controversies between CyanogeMod team and OnePlus team over the ownership of the ROM and its usage in India which ultimately lead to OnePlus team developing a brand new ROM from ground up called Oxygen given the prominence and importance of the element oxygen in the universe, the two of them seem pretty pally when it comes to the global moves.
CyanogenMod team tweeted earlier that they are in the final stages of testing the CM 12S version and will then sit together with partners for final approvals. For those who are not following the version numbers or are unsure of how CM names them, the current version on the devices is the CyanogenMod 11S which is basically the KitKat version of CM. The 12S on the other hand, is the Lollipop version of CM and will bring with it all the goodness of CyanogenMod as well as CyanogenMod in one package.
Lollipop build for @oneplus one has entered QA/QE stage for release! Testing & cert to begin alongside 3rd party partners to meet GMS reqs.
— Cyanogen Inc. (@CyanogenInc) February 1, 2015
The device is expected to get an OTA with version Android 5.0.2 soon, though given the large number of partners involved, it is not clear when the final OTA will arrive. For those in India, this update will obviously not hit the device, though you will be able to enjoy the Lollipop goodness with Oxygen ROM when it finally rolls out of Alpha testing.