Finally broke down and took it to the dealer. They sent the info off to BMW as the tech and foreman couldn't make sense of it. BMW came back and said the data depicts the car taking too long to get to operating temperature thus running rich. They suspected a thermostat leaking internally. I'm going to do a partial cooling system refresh (coolant temp sensor, upper and lower hoses, water pump & thermostat) and see how that plays out.

As for the short trip scenario, the explanation was that while cold, the DME is in agreement that the engine should be running rich and upon those few starts, sees no problem. It isn't however until a longer trip when it determines that it's been running rich for too long and throws up the code.

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2006 X5 3.0L - Schwarz Black/Truffle Brown
Stock
But I keep it clean