I tried installing Android-x86 4.4 r1 and 5.0 on a USB and since LinuxLive USB creator isn't able to recognize Android-x86 isos after Android-x86 4.4 RC2 for Persistent mode, I tried another way out, and succeeded in installing it on USB.
Kindly follow the steps mentioned in the above link and comment below for any doubts or insights. Hope people find this helpful.