While Xposed has not been focused on Lollipop, a similar framework to the latest version of Android is in development.
The famous Xposed framework, which can receive many modules (see our selection) to change its ROM to infinity, still not compatible with Lollipop. In case the root which now requires modifying the kernel configuration 64-bit, the SELinux strengthened and the new virtual machine ART). Moreover, Rovo89, the developer of Xposed says have little time to take care of porting. In short, we have to wait before seeing the framework of Lollipop, although e porting is confirmed according to the Italian site Mobileos.
But the nostalgic do not have to give up: An Alternative to Xposed for Lollipop, dubbed “El Pollo” (the first version will be named Skyler, you’ll understand the wink) is being developed by SP Homer, with the help of Nathan Russell (two former developers of the ROM Villain). We do not know more at the moment, except that the modules are already being created.