If your getting both FAILSAFE and your indicator lights aren't changing the way they should, one thing to check is the wiring on the gear position indicator on the side of the tranny. Just recently discovered the wiring on mine is crumbling and corroding, and from what I researched, will throw fits like your X is having if it fails. If the wiring looks good, unplug the connector, clean and use some dialectric grease on the connections.

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Current-

--2003 X5 4.6
Estoril Blue
Black Nappa leather
rear air bags
OEM nav
OEM hitch
OEM cargo liner
Black housing SPYDER headlights - Evo-XR projectors

2017 GMC Sierra, 7K miles...
2017 GMC Sierra, 60K miles...
2015 GMC Sierra 280K miles...
2011 GMC Sierra, 500K miles...

Previous wheels:

--First love~
1969 Chevy C10, 396BB bored, 3 on the tree, Black ~SOLD~

--2011 Chevy Silverado LT 2500HD CCSB, Black, 250K miles ~SOLD~