Yeah, I checked both. It's really annoying. I just went on a 3k mile trip and as the temp fluctuated around 37 degrees it kept warning. It did the same when I had my E46 M3 and my wife's X5 does it too.
They have had that feature for a long time with no way to shut it off. With the 740 it wasn't a problem but with the M5 it looks like the yellow cog of *****, freaked the first couple of times I saw it.