CyanogenMod is the most popular custom ROM based on Android available on the market. Currently, the CM team is releasing official CM11 platforms for both high end and entry level smartphones and tablets while a new system is being developed as CM12 will soon hit the market. Of course I am talking about the official CM12 built, as several unofficial ports have been already pushed out by those of xda-developers.
The same thing is happening for the 2013 version of Asus Google Nexus 7; the tablet just received an unofficial touch of CM12 Android 5.0.1 Lollipop OS thanks to senior member Ajfink. Thus, in a few words, you can now update your Nexus 7 to latest Android OS via CM 12 Lollipop firmware. Currently the ROM is still in development stage, but there are no major problems included, so you can safely install the software for a daily use.
Do note that this CM12 built is not official and has nothing to do with Google or with the CM team. The ROM is based on stock Android 5.0.1 Lollipop OS but it isn’t an OTA released for your 2013 Google Nexus 7. Moreover, for being able to flash the update you will first have to root your tablet and to install a custom recovery image, like CMW or TWRP recovery, on your device.
Basically, the ROM will be updated via custom recovery image. In a few words, you need to download the update package, transfer it on your tablet and enter recovery mode for completing the installation process of CM12 – if you need help on the update operation, don’t hesitate and contact us.
You should be careful when considering in updating your Google Nexus 7 with CM12 Android 5.0.1 Lollipop OS, as while you complete the update process, the warranty of your tablet will get void – because CM 12 is not an official Android OS but a custom ROM software.
You can learn more about this custom Android 5.0.1 release by checking this page – from the same page you can download the compatible CM12 package for your 2013 Asus Google Nexus 7.