Dave, it sounds like you're in the same boat as the OP, with a bad oil level sensor. It seems that the computer can tell when the sensor is giving bad readings and it lets you know it's failing / failed. It's super easy to change... when you're doing an oil change, being that it's in the bottom of the oil pan. Let's just pretend that BMW didn't decide to remove the dipstick and use ONLY the sensor in the next-gen engines. In my wife's car, there's a little plastic access panel for the oil drain plug, and one for the oil level sensor. Tell you anything??