It's the return line:
https://youtu.be/tVleFfIaT4w
Why though I'm not sure, I've replaced the tiny nipple O-ring and from the video it looks like it's gushing from the top down. I couldnt see any cracks when I removed the white collar. BMW want £135 for the return line, I'm wondering if its not too much faffing if I can out my E90 one on and see if it sorts the problem.