I have the same model and year as you.

For me, I press the CD button (iDrive controller) and then select Music Collection.

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8/2011 X5 xDrive35d Sport, Black Sapphire Metallic, Black Nevada Leather, Fine Burr Walnut Trim
2/2001 M5, Jet Black, Exclusive Complete Black Walk Nappa Point Heritage Leather, Black Cubic Trim