Alas,..... and sadly, ... I'm betting on the module.

The wheel sensor says.."Yes, this wheel is turning." ..and sends that info to whatever module needs the info....ABS, hill descent, DSC, X-drive,... but not leveling. Hall effect sensors send this data.

I am not as familiar with the 4.8 as I am with the 4.6, but, My wager is on a wonky module.

HTH

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2002 X5 4.6is, Black Sapphire on Black
1997 328is, Black on Gray
2003 SL500, Black on Gray
UH-1H Helicopter, Yellow