The only way I have found so far is to buy a service reset tool. Go to http://www.bavauto.com/se1.asp?dept_id=375 and you can buy one with a built in code reader as well. I would imagine there is a way to do it without the tool, but I have not discovered it as yet. edit by copteaser: There is a manual way and it's farely easy.
the source of my info you can find at the following urls:
http://www.e46.nl/forum/viewtopic.php?t=38&highlight=&sid=69344d53c41665daa55f062d06e6eafd RESETTING OIL SERVICE INDICATOR:
If your OBC needs to be reset after completing your oil change, there are two ways. NOTE: If you miss a step, just turn the key back off and try again:
A. Model Year 1999 to Mid-2000: You should have the older round 20-pin DLC connector under your hood behind the battery terminal, you need to use a small length of wire to connect (short) pins 7 and 19 for 3-5 seconds with the ignition key in position 1 (Accessory).
B. After Mid-2000: You should not have the 20-pin DLC connector. You only need to hold the left odometer reset button while turning the key to position 1 (Accessory). Keep holding the button for 5 or so seconds until any of the following shows in the display: OIL SERVICE or INSPECTION with RESET or RE. Release the button and press it again for another 5 or so seconds until RESET or RE flash. While the display flashes, press the button one more time briefly. If done correctly, END SIA should show up for a few seconds. All done.
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You need a scan tool to reset light after repairing the code.
Take it to your dealer!
Check engine light is reset with a scan tool.Oil change due is reset by pressing "step" until "0 miles to service" is displayed. Then press and hold "reset" until it resets.
DISCONNECT THE NEGATIVE BATTERY CABLE
The directions to reset the service reminder light are explained in your drivers manual.
Hold the reset button