Apple has released a number of software updates this week, this has included iOS 13.3, iPadOS 13.3 and macOS 10.15.2, they also released a software update for the Apple Watch, watchOS 6.1.1.
The new watchOS 6.1.1 brings a range of bug fixes and performance improvements to the Apple Watch.
It does not appear to have any new features, just performance improvements and bug fixes, it is available to download for your Apple Watch as of now.
You can install it on your device by going to General > Software update on the Apple Watch app on your iPhone.
Source MacRumors