my 2001 740i (same engine as your 4.4 - M62TU) started having the same problem at 135k. My friend who's a BMW Tech says that its normal with that engine at the age/mileage. Its just a slight loss in pressure seal in the engine somewhere so the valves are low of oil at startup. If it goes away in 1-2 secs then its normal and should not be bad. I usually get this after it sits 12-24 hrs.

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