This is a second update of Android 5.0.1, the first came in April, the build date of this new Android 5.0.1 update is from June 16th and should still be available via Kies.
How and or why did you factory reset your phone? I am running the new firmware OF1 just fine on my Verizon Samsung Galaxy Note 4. They tweaked the recents menu ui, it is now truly instantaneous! Used to take 3 seconds or so sometimes. Looks like it was pulled from Kies either late last night or this morning. I got it via sammobile.
I never said it was android 5.1 or Android 5.1.1, it is a second update of 5.0.1. The last update (5.0.1) pushed out OTA in April (N910VVRU1BOAF), this new firmware hasn't pushed out OTA yet, it was made available only via Kies so far. So yes, if you do update to the new firmware (N910VVRU2BOF1) then you will still be on Android 5.0.1 and not 5.1.1). Android 5.1.1 is rumored to start rolling out by late July, although it has started rolling out in Russia already for the Note 4.
Doing_work_son, I have been trying to get this update 2 or 3 times a day since you originally posted about it 2 days ago. Each time I hook my phone up to Kies it tells me that I have the current software (N910VVRU1BOAF). This was the first install of Lollipop 5.0.1 back in April. The odd thing about the update is that Droid-Life and SamMobile (and probably a few other websites) mentions about it being available but our carrier, Verizon, has not mentioned anything about it.
Stargazer, it looks like the update was pulled from Kies. I tried a few times the other day and it would not pop up on kies. I found it on sammobile and used Odin to flash it. The build is great, no problems here after 3 days of running it. I would imagine the OTA shouldn't be too far off, I haven't noticed anything major, it is very stable.