Looks like it will be a while:

http://www.christianitydaily.com/articles/3897/20150525/android-lollipop-5-0-update-for-asus-zenfone-4-5-6-delayed.htm

Worst thing I did was upgrade to Lollipop, it has many issues and am desperately waiting for 5.1.

Just bought the new zenfone2 4gb ram version, already comes with lollipop installed, amazing phone for an amazing price although I agree about lollipop... I'm not a fan either! Android version coded M is now in testing and hopefully will fix the problems that came with lollipop.

Just bought the new zenfone2 4gb ram version, already comes with lollipop installed, amazing phone for an amazing price although I agree about lollipop... I'm not a fan either! Android version coded M is now in testing and hopefully will fix the problems that came with lollipop.

Would you mind writing a bit more extensively on your impressions of the Z-2 once you've had a bit of time with it? What are some of the Lollipop issues that you don't like?

What phone did you have previously to the Z-2?

Lollypop update for most Zenphone 5's, 4's and some 6's; just announced yesterday, OTA or via download. I'll believe it when I see it. Still undecided if I will download it. Looks like a lot of additional bloatware comes along with it.

http://www.vinereport.com/article/asus.zenfone.4.5.6.to.receive.lolllipop.udate.via.ota.or.direct.download/814.htm