2009 BMW650i with 55K miles. My engine oil levels low light came on. Took it to dealer, was 1 quart low on oil. Last oil change 5 mo ago. No smoking of engine at all.

I've found that when a car is leaking oil through the valve guides, you get blue whisps of smoke when you start the engine or when you accelerate. Other times it's not noticeable. I'd suggest going to another dealer for an estimate

First of all - all BMWs burn oil - they say it's normal. N62 Engines have valve seals problems too, but I think it's too early for this year and mileage. To make sure its valve seals - let the car warm up, let it idle for 5min. Rev the engine up 3-4K If You see bluish/greyish smoke - then valve seals are bad.