Since oil pressure is so critical and the light only lets you know when pressure is critically low I suggest that even if the oil pressure warning goes out that you remove the oil pressure switch and manually check the oil pressure. Pressure gauges are not that expensive and many auto parts stores will rent them with the rent amount returned when you return the gauge. Hopefully there is no more paper in the engine but I would remove the oil pan and check the oil pickup and check the magnets for filings. Certainly oil needs to be changed and I use never use anything other than a genuine BMW filter.

To avoid miss reading the oil level, remove and wipe and wipe until the oil shows completely around the stick. Once that is the case check it at least one more time to verify the level. You mentioned you checked the oil in the morning. Oil should be checked at operating temp. to avoid overfilling.

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X5 4.6 2002 Black Sap, Black interior. 2013 X5M Melbourne Red, Bamboo interior
Dallas