I can't speak to the X5, since mine is so new, but my 2004 Z4 did not show a time based oil change, even though BMW would do it for free if you asked. The dealers were specifically told to not reset the oil change indicator/computer if it was an annual change, unless it was close to indicating service, e.g., if it was an annual oil change and the service indicator showed 500 miles until the next oil change, they would reset it.

Anyone out there have an X5 more than a year old that gave a time-based change oil message at 12 months?