The oil level monitoring system on these cars is flawed. You're car should be able to sit at idle on a reasonable incline without any oil starvation issues. On a steeper incline, maybe best to shut it off to be safe.
As it happens, I had exactly the same experience while idling on a relatively slight gradient here in LA. The low oil warning came up on the I-drive indicating I had almost no oil! One mild heart attack later, I drove the car to level ground and had the I-drive retest the oil level which was, of course, almost full just like it was the day before.
Cars that use a basic dipstick and a simple "idiot light" are able to avoid this "Oh crap there's no oil!!!! Oh wait... Just kidding" sequence of events. I think it's a case of BMW taking something that worked and over-complicating it unnecessarily.
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