Someone had posted this last year. I believe this is the 2nd E39 M5 conversion to pickup. I had seen another one few years back.

http://jalopnik.com/photogallery/m5utegallery/

EDIT: The URL I had bookmarked when i first saw the E39 ute. Imagestation is closed since.
http://www.imagestation.com/album/pi...&code=20897089