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I know that unless you have a little tool you cant reset the oil fully though the dash. Theres apparently some sort of hotwire you can do but I've never done it (can be found on e46fenatics.com or bimmerforums.com).
have you checked the oil level at both cold and hot temperatures? One time with mine the oil was just fine while hot but when it cooled down it just fell below the sensor threshold and thats when the light popped up.
If you can grab an obdII code reader and hook it up there might be some fault code that is stored in there. perhaps the sensor cut out once but came back - ive noticed that sometimes the check engine light will be off but codes will still be logged into the system...now that damn srs light never wants to go off.
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