I was looking for hitch and after a long while I couldn't find an OEM unit so I purchased a Curt hitch. I removed the rear bumper and installed the hitch without any modifications. I also bought the OEM wiring harness and hitch module on ebay and everything works great! The whole project was around $300 plus my labor.
Here's a link on how to install the BMW hitch which is the same as the Curt without any mods:
http://www.xoutpost.com/articles/x5/...tion-tips.html
Here's a pic of the installed hitch on my 2002 E53 X5: