The HTC One (M7) and (M8) Google Play Edition devices are Android 5.0.1 Receiving Lollipop today, but it will take AT LEAST a week or two to land on all devices. Good news !! The current over-the-air (OTA) update is available for you to download and manually install right now. It's really easy to do, so hit the break to get started.
** This is for Google Play Edition (GPe) devices only. Do not Attempt to install updates on any other in Original One (M7) or One (M8) **
1) Download the Appropriate OTA Zip file using one of the links below. You need to make sure that you 'are running the Most recent stock version for each device, Which is KTU84P. Download the file to your root directory.
HTC One M8 GPe - From Android 4.4.4 (KTU84P) to Android 5.0.1 (LRX22C)
HTC One M7 GPe - From Android 4.4.4 (KTU84P) to Android 5.0.1 (LRX22C)
2) Reboot your HTC One into Recovery Mode by turning the device off, then a press the Volume Down and Power key at the same time.
3) Tap one of the Volume keys to highlight Recovery and press the Power button. The device will reboot.
4) When you see the Android With The Red Exclamation mark above it, press and hold the Volume Up key, then a press the Power key to show the Recovery Menu.
5) Tap the Volume keys to highlight "apply from phone storage" and press the Power key.
6) Navigate down to / sdcard / 0 and select the Zip file you downloaded by pressing the Power key.
7) It will now install the update. After it has completed, select "Reboot system now."
8) Your first boot after the update will take a little longer than usual so do not be worried. Let it do STI thing and you will be enjoying Lollipop in no time.