I have just installed the Android 5.1 OTA update on my Nexus 4 and can confirm my chroot image still works, all you need to do is install busybox again and you’ll be back up and running. So for those of you who are having issues with NetHunter and need a chroot environment that is Kali based, my solution will work for you.
Speaking of NetHunter, apparently NetHunter 1.2 has been released and it supposedly works on Lollipop:
https://www.offensive-security.com/kali-nethunter/nethunter-android-lollipop-nexus6/
This post IS from April 1 2015 of this year, so I hope this isn’t a joke. 😉
Hats off to the off-sec guys! They can do wonders.