It is a possibility for it leaking from the waterpump, atleast that is what was wrong with mine. I have two M5s and both of them have an external crack on the front head just to the left of the soft plug, towards the distributor. I ended up polishing it with a wire wheel and using some JB Weld on it. That lasts about 2-3 years maybe more...and it works. Do you get antifreeze in the oil?
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