Android 5.0 Lollipop is slowly reaching more and more devices. Android Wear is not an exception, and most of the devices running this OS has already received the update to the new version.
The update is rolling out in waves, and the OTA update will eventually reach your device. However, if you don’t want to wait, you can download the OTA ZIP files and flash them. Here you can find a list of the devices running Android Wear and the corresponding OTA ZIP file.
Motorola Moto 360.
It updates from the current version 4.4W.2 to 5.0.1 (from KNX01S to metallica LWX48P).
LG G Watch
The new version goes from 4.4W.2 to 5.0.1 (from KNX01Q to platina LWX48P).
LG G Watch R
The new update bring the software to 5.0.1 from the previous 4.4W.2 (from KNX01Q to platina LWX48P).
Samsung Gear Live
The update for the Gear live also brings the software to version 5.0.1, with a change from KNX01Q to sprat LWX84P.
Sony SmartWatch 3
Finally, the SmartWatch 3 from Sony has also received the update to 5.0.1, which change the number from KNX01V to tetra LWX84P.
You can wait for the notification to reach your device or you can directly flash these images on you smart watch. To do so, you just need to the have the ADB installed and get the Google USB drivers from the Android SDK. Then, you need to reboot the device into recovery mode and select “Install Update from ADB”. Finally, you have to run the instruction “adb sideload filename.zip” from a command prompt.
Anyway, if you are not sure about flashing the image, just wait for the OTA update to get to your device. I should happen in a near future.
Source: AndroidPolice.