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2016 M235i 6-spd
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It is undoubtedly the oil level sensor...use Hella brand...

I'm not sure about the ringing/alarm sound.

Anyway, if I'm right, the light will come on when you start the car and go off 15 seconds later. No emergency, but next oil change you can replace it...very easy to do...just three nuts...very accessible...right on the oil pan.

But, until you change the oil and fix this, make sure you monitor the oil level regularly, just like all your fluids
 
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