Clear all fault codes and see if the system works again.
ABS Module may or may not be rebuilt, depends on the fault. Look for BBA Remanufacturing. They usually run their service sale on eBay for $99 shipped (ONLY on eBay). You send them the module and if they can can fix it, they will. They'll also let you know if the module is beyond repair. At that point, you need a new ABS module and it need to be coded to the car.

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00 E39 DINAN S1 //M5 (82k miles)
06 E53 DINAN 4.8iS, born 2/18/2006 (126k miles) http://www.xoutpost.com/bmw-sav-foru...s-my-dslr.html
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01 360 Novitec Spider F1 (26k miles)