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+1 also wondering about this. I seem to remember an interview with Sabine, ring-taxi driver, that unofficially the taxi drivers are not allowed to go faster than 8-minute laps, but that she wouldn't acknowledge not having done it. To me, that means the E60 M5 is capable of sub-8 minute laps in the hands of a pro.
 

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I think that other monster pulled a 7:3x lap time. Check out http://www.r35gtr.com/, and scroll down to the September '07 updates. Appears that they already gunned down the 997 Turbo, and were setting their sites on a lap time equal to or besting the Carrera GT at 7:28.
 
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