The tradition to erect statues for the new Android version goes back to Android 1.5 Cupcake, which was the first version of Android to reach the consumers. Google has since established statues for Donut, Éclair, Froyo, Gingerbread, Honeycomb, Ice Cream Sandwich, Jelly Bean, KitKat.
As you can see in the image above, Android 5.0 statue is a pretty literal representation of Android Lollipop (Bugdroid with pinwheel lollipop & a peace sign) and it would have been nice if Google had gone a little more creative.
Here is a look at the history of Android versions:
Android 1.5: April 2009
Android 1.6: September 2009
Android 2.0/ 2.1: October 2009/ January 2010
Android 2.2: May 2010
Android 2.3: December 2010
Android 3.0: February 2011
Android 4.0: October 2011
Android 4.1/ 4.2/ 4.3: June 2012/ October 2012/ July 2013
Android 4.4: September 2013
Android 5.0: October 2014
Top image credit: Louis Gray (Google+) | Bottom Image credit: Atom Taco (Flickr)