UnInstall TowelRoot

I'm at a little bit of a two-way road right now.

Lollipop is coming out in nearly 2 weeks, but until then, I wanna experiment with the nexus 5 while towelroot still works

 

If I install root via towelroot, can I remove it anyhow by a factory reset or wipe of the sort? Any tutorial on restoring the unrooted device available? Then would I be able to receive the Android 5.0  to download from OTA?

You should be fine. Wait a few weeks after 5.0 is released.

I though it had an uninstall feature built in. And as far as I know (expect all information to be wrong, I don't own a nexus) so long as the recovery is stock you can flash the OTA update fine.

If in doubt poke around the Nexus 5 sub forum over at XDA Developers.