Google is rolling out Android Wear 5.0.2 update to select Android Wear devices. This includes the Samsung Gear Live, the Motorola Moto 360, and the LG G Watch R. The update doesn't seem to add any new features; according to Motorola's change log, all it brings is an updated version of Google Play services and a variety of optimizations and security updates. If you have any of these devices, you should be getting the notification to update any time now. Other Android Wear devices will have to wait for some time. Source ...
Source: http://www.gsmarena.com/android_wear_502_rolls_out_to_gear_live_moto_360_and_g_watch_r-news-11249.php