Actually after some more researching, its a weak alternator that is about to go - not supplying enough voltage. Its a good thing too or it could of left me stranded somewhere.
Had the alternator replaced and the problem has gone away now (it was both lights blinking that gave away it was a problem further upstream than the lights).
2000 BMW 328Ci w/ Premium Sports Pkg, Type 68 OEM M-rims (summer), Type 67 replica M-rims (winter)
HK Premium Sound, Dension IceLink Plus (Stealth), Predator Chromiums 6000K, Tint & OEM Clears :}: