Oracle Java 8 on OSX 10.7.5

I downloaded the jdk-8u5-macosx-x64.dmg file from Oracle website:

http://www.oracle.com/technetwork/java/javase/downloads/jdk8-downloads-2133151.html

It successfully installs but I cannot use it or find it on the system.

$ java -version
java version "1.6.0_65"
Java(TM) SE Runtime Environment (build 1.6.0_65-b14-462-11M4609)
Java HotSpot(TM) 64-Bit Server VM (build 20.65-b04-462, mixed mode)

$ cd /System/Library/Java/JavaVirtualMachines/
$ ls
1.6.0.jdk

$ sudo update-alternatives --config javac
Password:
sudo: update-alternatives: command not found

Anyone get Java 8 installed on Mac OSX? It took under 5 minutes to install on UBuntu.