I am sure thermostat or water pump created this problem. This is happened exactly with my previous 528i when it was ~150K miles. I replaced both thermostat and water pump, and the problem never happened again.

He's under the assumption that the engine didn't get to boiling though. If that's the case, then it's reading incorrectly; sensor or gauge.

I had a temp sensor go bad (e34) and it would give all kinds of readings.

In your case it was fairly cold outside so that may have effected operating temp, explaining the tad low reading. A sensor is probably the easiest and cheapest to fix, so I would start there. If your motor is rounding 120k, then might as well do the water pump and t-stat.

I will look into the water pump and thermostat.

Thanks guys.

I am put more at ease knowing the engine isn't actually overheating, or at least I am convinced it isn't.

I am having this EXACT same problem on my 01 3.0i...did u ever figure anything out godfather? Im guessing its my coolant temp sensor...

It was the thermostat. Also the coolant was low very low. But first and foremost the thermostat.

Ok cool thanks...I think I'm going to change both temp sensor and thermostat and maybe even do the water pump while I'm at it since I'm pushing 120k