The Asus ZenFone 2 was launched with Android 5.0 Lollipop onboard, but the company has plans to update it to Android 5.1 Lollipop pretty soon, at least for the cheapest variant, the Asus Zenfone 2 ZE550ML. This variant has a 720p display, a quad-core Intel Atom Z3560 processor, 2GB RAM, and 16GB onboard storage.
A ZenFone 2 ZE550ML user approached the support staff at Asus to know about the status of Android 5.1 Lollipop update for his device, and the support staff confirmed that the update is under final stages of testing. This means that it shouldn't take too long for them to push out the update to the users, and to other variants as well.
Asus has been quite slow in releasing latest Android version for its smartphones, but looks like it has decided to improve in that regard. Motorola has already updated some of its smartphones to Android 5.1.1, and so did Samsung. LG's G Flex2 has been updated to the latest public build of Android, and the LG G$ already came with Android 5.1.1 Lollipop onboard.