Hi Skippy,
As others have mentioned this warning can mean a bunch of different things. I have had the same warning with my 114i (same engine as 116i). It came up every now and then also and went away after restarting the engine.
Both times it was a broken/ worn electromagnetic valve of the camshaft, first time on the intake side, second time on the exhaust side. First time was under warranty luckily, second time (4 months later) unfortunately not.
I am sure your dealer should be able to provide you with a diagnosis, the car will store all the warnings in it's memory with the corresponding mileage, so they should see the history of the warnings too
. Good luck, hope its a minor issue.