Mike, Had the same problem with my 84. Talked to my dealer and he told me it is the sensor going bad, and the oil pumps almost never fail. Its a cheap fix if its the sensor (located on the top of the head, near the distributor). They cost a few dollars. I changed mine and the problem went away. If that does not work, the dealer can do a pressure check to see how well the oil pump is funcitoning. Bentley manual gives a pretty good description of how to change out the pump if you have to. Looks not to be a big deal, just time consuming. Good luck. Wolfgang 84 318i with 245k miles