I have a 2001 325i which I got at 112,000 miles and is now at 160,000 miles. Had the flashing red light problem soon as I took it to a store for an oil change at around 115,000 miles. Several oil changes later the problem is still there. One mechanic wanted $800 to replace the oil pump. The other one told me its a know BMW issue and not let it bother me but no one wants to see a flashing red light especially indication oil for that long. What my issue now is I have a permanent orange light flashing when I am driving. The red light still comes on when idling still. Should I worry about this now? I changed the top cover gasket a few weeks back for an oil leak and that is when the orange light became more persistent.