Most of the time, a P0011 indicates a timing chain (guide) problem.
Others have said its' been caused by a CPS problem, but most admit it's a timing chaing guide issue.
If it were my car, I'd drop the oil pan & look for broken bits of the timing chain guide.
Hate to bring bad news, and I do hope this isn't the cause of your P0011, but.......chances are......at least you'll know.
2000 740iS. MKIV, 16x9, DDEs controlled by Euro fog light switch, reversed steptronic +/- pattern, paddle shifters, clear corners, Basslink, Alpine DVD changer with stereo audio, TV tuner, gauge rings, ///M pedals, backup camera with 'on demand' switch, quad brake lights, Dinan engine & tranny software, windows/sunroof close via remote.
2003 540iS. MKIV, 16x9, PDC, CWP, TV tuner, backup camera with 'on demand' switch, paddle shifters, windows/sunroof close via remote, iPod video & audio.