Little red light ?
 

On my dash ( newly acquired 06 3.0) right next to the button in the center panel that says TEL there are 3 little "lights" the upper one stays on red...anyone have an idea what this is?

These are indicator lights for telephone operation:
Red = the telephone cannot be used
Green = telephone connection has been made
Yellow = telephone is logged onto a different network (whatever that means)

Its all in the manual.........

Thanks
I am still waiting for the dealer to get the manual to me....(they have it !! )
Why don't PEOPLE LEAVE THE MANUAL IN THE CAR

You can download manuals from BMWUSA here.

you also might ask them to check the TCU. After mine failed, it would stay on and then it would drain my battery (the TCU, not the light). If it eventually disappears (after say 30 sec) it should be fine.