I'm not a fan of the electric oil level indicator!
I had the same recently. Turned off the engine, a beep, and the yellow oil light came on.
When I last changed the oil, I topped off to half full (as indicated on the electric display). This was as I didn't want to overfill, and added just less than I had measured had drained out during the oil change.
So the first 8000 miles used no oil (N52), then the oil gauge indicated 500ml of oil had been used in just 4000 miles. This didn't add up. There was no oil visible in the engine bay, or where the car had been sat.
When I got the car to operating temp, driving above 1000 rpm, it still measured low, asking for +1 litre.
I read a lot about oil level sensors failing etc. But also about the vanos system and oil galleries. So when I turned off the car and it indicated that the oil was low, it was after a gentle drive where the revs never exceeded 3k. I don't think the double vanos is used at these engine speeds.
I got the car hot, then got the revs up a few times to use the vanos, and the oil level was then indicating 1/2 full, as it was when I last changed the oil. It is still reading 1/2 full now, 1k miles later.
My conclusion... The oil level sensor is working reliably, but the oil level must be read after the engine is warm, and the vanos system has been used. I believe the vanos uses oil pressure, so running the car at low revs can lead to oil sitting in the vanos galleries and not hitting the sump, leading to artificially low oil readings. This is my theory only, not facts. Take as read.
It's never a good idea to risk running the engine low on oil. The n52 holds so much oil, that the last litre is really a reserve, so I made sure I needed oil, rather than risk overfilling. There's a lot on the 1 series forums (n52 engines too) about unreliable oil level readings after adding 1 litre of oil. I wanted to make sure that I didn't overfill, especially considering my oil usage has been so low, and the low reading was atypical.
Just my experience... If in doubt and it's not just following an oil change, then I'd get it to operating temp and re-check. If it's still low then put in 500ml of oil in and see what it reads.