sounds like you are underfilling it and the oil light comes on under certain circumstances. BMW's drink oil, you're always better filling it to max. I cant remember if its 8 or 8.5qt on a m54. I think its 8.5 and I fill with 9 on a oil change with filter.

Otherwise, it could be your oil level sensor going bad. Either way, as long as your not running 84K mi OCI, you should be fine.

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