Upon Investigation it appears that the yellow warning light finally went off after I restarted the car, even though the Traction Control Activated message had disappeared quickly. Bottom line it looks like I have been driving around with the Traction Control Off! Isn't the yellow warning light supposed to be lit all the time this is off? In my car this was not the case.
2011 535i X Drive - Space Gray, Black Dakota Leather, Dark Wood Trim, Sport Package, Sport Transmission, Dynamic Handling Package, Cold Weather Package, Active Seat Ventilation, Premium Packages 1&2, Smartphone Integration.
2012 BMW R1200RT light magnesium, Sport/Touring Motorcycle