I don't know when this sound started but I got my oil changed today with redline oil and a mahle filter. ALso had my dinan TB put on as well. This sound could have originated before or after these events, I have no proof either way. And to be honest, it might be normal, not sure! Anyways, the sound is around the vanos ares and top part of the valve cover. More then likely it's the vanos unit. Anyways here is the video link.. you can hear it pretty good at the beginning... http://www.nwbmwclub.com/videos/MVI_0511.avi
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also take a look at this video and see if this seems like a lot of smoke coming from my exhaust... http://www.nwbmwclub.com/videos/MVI_0512.avi
right click save as..