Thanks to the Android dev community, we now have the first (unofficial) Android 5.0 Lollipop ROM for the Galaxy Nexus. While the ROM is still in the early stages, it does reportedly run reasonably well.
CyanogenMod for Galaxy Nexus “won’t survive the jump to L” (updated – GSM lives on)
Google may no longer be supporting the Samsung Galaxy Nexus with new OS updates, but where there is a will, there's a way. Early alpha ROMs have now arrived for both the GSM and Verizon versions of the Galaxy Nexus!
Nexus 4, 7, 10 Android 4.4 KitKat release date set for the “coming weeks;” Galaxy Nexus not included (Update)