You were exactly correct. It definitely is the brake wear sensor light. After checking my front brakes, it seems that my pads and rotors are ready for a change. Appreciate your reponse.

I think that's your Brake Wear light. Means that the pads are low, or the sensor is disconnected. Have you changed the pads lately? If you can't remember, or don't know, now is the perfect time. While you're in there, it's a great time to rebuild the calipers if you don't know how old they are. The fluid should be changed once a year. It will prevent any problems. If you have any questions, drop me a line, I've been down that road.
Chuck
'81 528i

Does anyone know what the warning light on the far top left corner of the dashboard means? The icon looks like :O:

Mine has just started flashing and I am wondering if it is a signifigant warning that I should get checked out. Thanks for your help in advance.