How do I Delete the 5.0.1 OTA Update on my Rooted Nexus 4?
Just download an factory image From :

https://developers.google.com/android/nexus/images

Steps :


  1.Unlock bootloader
  
  2.root phone
  
  3.flash new image
  
  4.lock Bootloader


How do I uninstall the Android update 5.0.1 back to 5.0?

hope this helps.