Google has now made available the May 2017 Android security update for a number of the Nexus range of devices, as well as the Google Pixel and the Pixel XL. As per usual, the update has now been provided in both factory image form and OTA form, and is relevant to two security patch level strings, 2017-05-01 (which is a partial security update for current and known issues) and 2017-05-05 (which is the full security patch for this month). Both are now available to download through the links below.
According to the details from Google, the most severe issue patched in this update is a security vulnerability that could be used to facilitate a remote code execution and could potentially have affected email, web browsing, and MMS, when dealing with media files on vulnerable Android devices. Although Google notes that it has not received any user reports of this issue affecting any customer devices. In terms of availability, the update is available for multiple versions of the Google Pixel XL (N2G47O, N2G47T, NHG47L) on Android 7.1.2. Likewise, multiple version of the Google Pixel (N2G47O, N2G47, NHG47L), also on Android 7.1.2. In addition to the Pixel C (N2G47O) on Android 7.1.2, the Nexus 6P (N2G47O) on Android 7.1.2, the Nexus 5X (N2G47O) on Android 7.1.2, the Nexus 6 (N6F27C) on Android 7.1.1, the Nexus Player (N2G47R) on Android 7.1.2, the Nexus 9 LTE (N4F27B) on Android 7.1.1, and the Nexus 9 Wi-Fi (N4F27B) also on Android 7.1.1.
These updates from Google are designed to arrive on a monthly basis and it seems Google is pushing this one out straight away, seeing as May has only just arrived. So if you are able to apply the update, then it would be wise to do so. As these are security updates, they are important. Both the factory image and OTA versions do require the user to manually apply the update to their device(s), with the main difference being that the former (factory images) will wipe your device completely and install a fresh version of the system on your device. The latter on the other hand (OTAs), can usually be applied without having to worry about compromising any user data. You can of course wait for the update to arrive organically if you prefer.