Sprint just started rolling out the latest version of Lollipop to their Nexus 5 owners. Android 5.0.1 started pushing out OTA this morning, and Sprint shared a statement. The update is version LRX22C, and is simply described as "Miscellaneous Android Updates."
To potentially grab the update immediately, you will want to turn on WiFi and hit the settings menu and go to system update. That's still no guarantee that it's ready for your "wave" but it's worth a shot.
Source: Sprint