New OnePlus One units to be released in India will still run Cyanogen but it will be based on Lollipop. According to OnePlus, a first community build for the Indian users will be available this December and a production-ready build by February.
New OnePlus One Android system based on Lollipop expected to be lightweight, fast, stable and follow Google’s Material Design guidelines without any unnecessary customization. OnePlus will have to make sure that it will only have the important features and will be bloatware-free as promised.
More info at:
ONEPLUS Blog [A letter to our Indian users]
Android Community [OnePlus starts working on new Android flavor for OnePlus One]