This is the one you want for your 87'- 02' (to 07' with optional adapter) BMW. Info here:
R5-FCX-3 Scan and Reset Tool for BMWs
Cheapest I could find is $140 shipped:
$85/ OBO shipped.
Additional info from Turner Motorsports:
BMW owners should have a great interest in the R5 FCX-III tool. The BMW's Check-Engine light can mean any number of things. Sometimes it's alerting you to the real need for a repair, but very often it is merely indicating one of the many, simple (top off your coolant) type problems. Tool resets the Check Engine, Service and Oil Change indicator dashboard lights. Easy to use and includes a booklet containing the fault code chart and instructions for use.
Will not work on the following vehicles: E30 M3, E28 M5, E24 M6, E30 325e, 2000 750iL. This unit plugs into the round port under the hood on cars up to 2000. You can use this on 2001 and later cars with the AB03 Adapter. See below.