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I actually just went to the dealer to pick some up. They have their own "high performance" brand 5W-30 @ $7.50 a quart (not much worse than other brands)...but if you don't have time or don't want to bother with the dealer parts department, see below for BMW's recommendation on SAVs.
BMW Long-life rating LL-01 Approved Synthetic Oils for the US Market:
Castrol Syntec European Formula SAE 0W-30
Mobil 1 SAE 0W-40
Pennzoil Platinum European Formula Ultra SAE 5W-30
Valvoline SynPower SAE 5W-30
But my problem is that my oil looked low and when I added the oil (which now looks like too much if you wait 5 minutes after the engine was on) the Check Oil Level did not go away.
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