Sounds like typical E39 M5 VANOS rattle. Do you have a pre-lci model? What mileage are you at? You can replace the chain tensioner as preventative maintenance, that usually helps with the 'rattle'. Sounds like you have a 2000 model or prior, those models didn't come with the oil accumulator like the 01+ models.
Mine does the same thing, and I have a 2000 (09/1999 build). I do plan on replacing the chain tensioner soon.
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