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More than likely it is a wheel sensor. I had the same thing happen on my 3.0 X5 and it was just the sensor. I replaced it and it fixed the problem. Now...the problem is determining which sensor it is. If it is the rear left sensor the speedo will not work. The rear right and the cruise will not work. If all of this works then more than likely it is one of the front wheel sensors.
They are very easy to replace however if your car has been up north in the road salt the sensor may be jammed in to the hub. You will have to drill it out if that is the case. carefull drill it out and take compressed (computer cleaner is fine) and blow the shavings out of the hole. It should not take more than about 20 minutes to do each wheel.
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pepatrick
2002 X5 4.6is
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