Oil pressure is not something I'd want to be guessing about. I think I'd throw a sensor at it just to know it was a new OE sensor and if it was triggering the warning, something is wrong with the engine.

You could probably ohm out your current sensor if you can find the spec for it. That way you diagnose it before buying the part.

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2005 X5 4.4i Build 04/05 Maintenance/Build Log
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