sorry to bring up an old thread but my gf's e92 335 had the same lights you guys are referring to. What ended up happening was one of the clips that are on the "upper guide support? or upper a arm?" broke and so there was just enough slack for the cable to start hitting the nipple of the brake bleeder. I believe during bumpy travel it might have even been caught on the other side of the nipple putting strain on the wire.
Purchased a new sensor and installed... then taped the broken clamp that holds the wire nicely and then fed the cable through the nipple cover because it looked as if someone might have forgotten to do that on the last trip to stealership. Hopefully it holds, but it is def worth a look to pull your wheel off and inspect the cable.
e92 M3 6MT, 18's, everything - Sold!
e92 M3 *Newer*
e92 335i 6MT - Wifey's with (stuff...)
And.... Our daily beater, twinky truck .