The Lollipop GAPPS for CyanogeMod 12 has been released and are available for you downloading pleasure.
Digging through the .zip file it seems like the package is very barebones and just contains the minimum that it would take to make everything function properly. The package is 116.96MB in size. You can download them here and flashing instructions are as follows:
- Make sure you are on a Lollipop 5.0.x build
- Download file and move onto your phone’s storage
- Reboot into your recovery of choice
- Install zip
- Reboot device
If interested in more about CyanogenMod’s progress towards CM12 check here.