OnePlus is working on OxygenOS for the OnePlus One and it’ll be released by 12th Feb, we saw some screenshots of it earlier today. And just now, the company has posted a video of OnePlus One running Android 5.0 Lollipop with Oxygen OS, and it looked stock Android for the most part.
Business terms haven’t been very well between Cyanogen OS and OnePlus, and thus OnePlus is building an OS of its own for its device. Cyanogen has also stated that it’ll continue to support OnePlus One everywhere in the world, but not in India. So Oxygen OS might come to to India first, and as an optional choice for the  rest of the world.
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To be honest, the situation looks rather funny. OnePlus One will be getting official Android 5.0 Lollipop update in two OS flavors: Cyanogen OS and Oxygen OS. Lucky you, OnePlus One users!
Anyway, with the teaser video, it’s at-least clear that the Oxygen OS will be coming with Lollipop and it’ll be available as soon 9 days from now. As for the Cyanogen OS lollipop based update, the CM 12S, we don’t have any definite release date yet.