I stumbled on this vid which tackles the "low oil pressure" light. Apparently there is a bulletin on the oil return check valves. In the vid they describe how the valve end is made out of plastic, and they said that these return valves fail either by sticking close or by loosing the plastic valve cap (crumbles) - that's when the low oil pressure is triggered. Wondered if these valve caps start sticking, will they trigger high oil consumption and/or the blue smoke? if yes, that would be an easy fix (somehow).
Could anyone elaborate on this?

N62 BMW V8 Oil pressure light coming on 745Li 750Li 545i 550i - YouTube

The p/n is: 11367539857 , ECS Tuning has it for 19.69/piece this is the pic from their site:

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Stable: e92is, e46 M54B25, e83 N52, e53 N62 - sold, e39 M54B30 R.I.P.