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 company also revealed that the testing and certification of the CM12S build will begin alongside third-party partners to meet standards required by Google Play Services.
Android Police reports that the update to CyanogenMod 11S (CM11S) will be dubbed CyanogenMod 12S (CM12S) and is based on the Android 5.0.2 Lollipop. Unfortunately, the Cyanogen has not revealed any specific date for the release of the final build based on Android Lollipop for One smartphones. Considering that the build is yet to pass certification, we can expect it to take some more time for the update to be released for consumers.
Cyanogen's tweet affirms the company's commitment to the OnePlus One users, or at least global device users. Cyanogen last month in a blog post had confirmed that the "global OnePlus One devices" will get OTA updates. The company in another blog post had revealed that OnePlus One (Review | Images) buyers in India won't receive OTA updates from the company.
OnePlus late last month announced the name of its custom Android 5.0 Lollipop build, OxygenOS.
The '2014 flagship killer' handset maker alongside also announced that it was developing a separate custom ROM for the Chinese market, called H2OS. It is being speculated that both the ROMs are likely similar with some region-specific changes. The company revealed that more details about the new custom ROM will be announced on February 12.
The introduction of OxygenOS by OnePlus, and the scheduling of the February 12 announcement, is in-line with the company's previously announced timeline of replacing the Cyanogen OS it currently offers buyers. OnePlus' decision to build a custom ROM in November was made after the Micromax-Cyanogen deal came to light, and is a move attempting to reduce the company's reliance on Cyanogen for custom ROM builds.