I went to a dealership over the weekend to look at a new 2001 M5. I had the salesman start it and was surprised to hear a "tap..tap..tap..tap..tap.." sound comming from the engine. The hood was open and I was standing near the car, it was kinda loud. Is this normal?
Next time you're there pull the oil fill cap off - you'll see the massive VANOS drive chains. They rattle a bit before they're all oiled up. This is a known "feature". Some M5's seem to be a lot worse than others. In my car, there is almost no noise at any time - only for a second after starting and a single click/clunk on shutdown.
You should hear any VANOS car after an autox run, tap, tap, tap, tap, tap...This may not be as bad for an M5 given the special oil system but it makes quite a racket on the E36 M3, M Coupes etc.