Does it possible to build application for android 5.0.1 using Ionic 2 ?
I am guessing so.
Ionic 2 should run with just fine with Android 4.4 or later. It is possible to run earlier version of Android, but it is recommended that you use the Crosswalk plugin to replace the webview for the best user experience and performance.
I have a weather app built using Ionic 2 running in all android versions greater than 16. Ionic Weather App
I mentioned min sdk in config.xml https://github.com/aggarwalankush/ionic2-mosum/blob/master/config.xml#L73