IMPORTANT! This article is outdated. An updated version will soon be available. 

Please note this picture applies to an E32 BMW 750-series (and most likely 735s).

Some notes on the picture. It was drawn for a 735i E32, and my 750iL has a couple more of the pins connected. White dots indicate a connection point exists, and black indicates a empty hole.

Procedure to reset oil indicators

Remove Diagnostics Connector cap
Jump connectors marked with red dots in picture above
Turn on ignition to position II
After 4 seconds remove jumper
Replace Diagnostics Connector cap
Turn off ignition

Tested working for: 91 750iAL

Next time you turn on the ignition all the green LEDs should illuminate. If not try one of the following alternate methods:

Alternate procedure to reset oil indicators

Remove Diagnostics Connector cap
Turn on ignition to position II
Jump connectors marked with red dots in picture above
After 4 seconds remove jumper
Turn off ignition
Replace Diagnostics Connector cap

Tested working for: 94 740iL

Please notify me if there are other methods that work, if neither of these won´t work on your BMW.

Procedure to reset Inspection light

Inspection is a call for routine service of your BMW. You should not reset this unless you actually performed all the elements of an Inspection I or II.

Remove Diagnostics Connector cap
Jump connectors marked with red dots in picture above
Turn on ignition to position II
After 15 seconds remove jumper
Replace Diagnostics Connector cap
Turn off ignition

Not tested yet.