The Lollipop update for the Galaxy Note 4 may be getting slowed down by Gear VR support, but the Galaxy Note Edge has yet to receive Android 5.0 too (the Gear VR is not compatible with the Edge). An XDA-Developers member has a beta version of an official Android 5.0.1 build and has shared it with the community.
It's a build number XXU1BOA2 and is very recent – from January 27 – but it has issues to be ironed out. One user reports a deep sleep bug, so it's recommended that you set the minimum CPU frequency to 300MHz to mitigate the issue.
You'll also need to backup your device, one user had success with flashing the ROM without a full wipe, but there are no guarantees. The ROM can be flashed with Odin 3.09 and you can also throw in CWM and root (with SuperSU).
The Android Lollipop ROM is reportedly smoother than the KitKat software that currently powers the Samsung Galaxy Note Edge. You can find more details about the ROM and how it behaves - not to mention the download links - by following the source link. This ROM isn’t officially released for a reason, so flash it at your own risk.