Google has started rolling out the Android 4.2.1 update to the new nexus devices. The update fixes the “December bug present in Android 4.2 People app” as well as some Bluetooth issues.
The update is around 1MB in size and is reaching the Nexus devices slowly. If you don’t get the update right-away, don’t worry, you will soon get it.

Rolling for Galaxy Nexus too now..
that’s a great news
will 4.2 be available for Google Nexus S???
Just got it for Galaxy Nexus…
@sanket No, there won’t be a 4.2 update for Nexus S. Google has stopped providing updates for Nexus S.
But UnOfficial ROMs are cooking around for Nexus S 4.2 , there are few nightly already available to test out.