Google has released new Android 7.1.1 for the two Pixel models and several Nexus devices, including the Nexus 6P, 5X, 9, Player and Pixel C.
The new builds bring the requisite bug fixes that we all know and love, along with nearly 50 security updates bundled in the January 2017 (happy new year!) security patch. Pixel owners should look for Build NMF26U or NMF26V depending on the variant ("V" is for Verizon), while Nexus and Pixel C users can look for N4F26J or N4F26I.
As always, the updates are available in factory images or OTA updates, the latter of which can be easily sideloaded using ADB.
How to download and install Nougat on your Pixel or Nexus right now
The January 2017 Security Bulletin details a number of vulnerabilities that have been patched, both within Android itself and from third-party vendors like Qualcomm and NVIDIA.