I don't see how it's "Check Oil Level" from the picture.
Need more info to know what it might be. Does it come up while the engine is running with a "Ding" sound?
If it comes up when you press the right button on the cluster, it means "Check Control OK"
Judging by your picture, I'm 95% sure that it is.

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00 E39 DINAN S1 //M5 (82k miles)
06 E53 DINAN 4.8iS, born 2/18/2006 (126k miles) http://www.xoutpost.com/bmw-sav-foru...s-my-dslr.html
90 Straman Z32 TwinTurbo Convertible, (1 of 44 ever made) 5 speed, 444rwhp/451rwtq
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