Ok, got the problem figured out. First off, if anyone thinks that these things aren't cold sensitive. They're wrong.

So, problem is the temp sensor in the bottom left (facing the X) hose going into the radiator. The sensor was leaking like crazy. I suspect the reason it just came about this week as apposed to last, is the cold. Here in Wisconsin, this week is ridiculous. It's -2 oF outside right now. Last week it was a balmy 40 degrees. So, here's hoping this is all it is.

Terminator: I guess I didn't even notice the color on anyone else's third brake light. I just thought thats how it was. (like I said, only owned it for 2 weeks).
Thanks again
Oh, and sorry for the MASSIVE pictures.

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2004 E53 X5 4.4i
Black Sapphire/Dakota
Cold weather / Pano sunroof
Built: 07/2004