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Sorry to hear this, possible cam timing gear failure or timing chain stretch/slip. I would borescope your cylinders real quick and see if the valves have been hitting the pistons. If checks out then pull valve cover and check cam timing, hopefully just one of the gears failed and it's not the chain as they are not bad to replace. Doing the timing chains is another story...
Low oil is odd, hopefully it's just BS code but I hate how BMW never puts in Oil pressure gauges so we are always in the dark guessing. I'm installing one this weekend, I'll post up walkthrough on it after I'm done for n63/s63.
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