Here's a quick list of working Xposed modules on Android Lollipop.
An XDA member amit3880 has set up a nice list showing whether your favourite module will or will not work on Android Lollipop.
- XHalo Multi Window
- Statusbar download progress
- GravityBox KK
- Sense 6 toolbox
- Wanam Kit
Found your favourite there? Well, you'll have to wait some time till all the bugs and issues are resolved and be sure to frequently check the list and main Xposed Framework forum on XDA.
See the full list of working/non working xposed modules on Android Lollipop: