It should come as no surprise that Android is due for a v5.1.1 release at some point, even if only to fix a particularly well-known memory leak. Now, thanks to an SDK update, we've got good reason to anticipate the new version is probably due out in the very near future. If developers check the SDK Manager for updates, they should see a new revision to the Platform SDK with a product description that reads "Android SDK Platform 5.1.1."
Now that the 5.1.1 version number is out there, it stands to reason Google has finalized the code and is either running some final tests or preparing for a release.
Android 5.1.1 Spotted In SDK Manager, Suggests New Lollipop Update Is Right Around The Corner was written by the awesome team at Android Police.
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