| Is the light to the left of the traction control? If it is, according to my manual it looks like a car with two arrows on top of each other, one points up one points down. In my manual for my 2000 E39 it is apparently an indicator lamp for the level control system. If the light is going off the on board computer is telling you that the system is inactive. The manual says that you should go to your nearest authorized BMW center. I don't know what to tell you besides that. I bought my 5 series pre-owned from BMW and in 6 years I have never seen that light, even after I added a sport suspension. If you need more information let me know and I'll try and help you the best I can.
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