I have a 2001 X5 4.4i with about 51,000 miles. The airbag light is on when I start the car and flashes once then stays solid red all the time after. Does anyone have a suggestion as to how I could troubleshoot this and reset without going to my dealer? Thanks, any help would be greatly appreciated!

LOL, good luck.

I'm sure there are some aftermarket scan tools that can read airbag lights, but I don't know which ones. You may have to suck it up and visit the dealer.

If the light stays on, there is a problem with the MRS system. You need to find out what is wrong and fix it before you clear faults. Otherwise, it'll come right back on.

You'll need to scan using an SRS reader of some kind to narrow where the problem is. Peake Research sell one or I've heard some of the auto parts retailers may have something you can rent/borrow. The common causes are the passenger side sensor mat or a sensor in the seat belt latch. The sensor mat details can be found at: http://www.realoem.com/bmw/showparts.do?model=FB33&mospid=47746&btnr=65_0663&hg=65&fg=65
In my case, the electronic control unit part 4 was the culprit. $50-60 part that you can replace on your own, although you'll still need a Peake Research tool or equivalent to reset the light.

mine came on after swapping steering wheels

often a faulty SBE mat will cause this fault or a faulty drivers seat belt tensioner. without checking the fault, and performing some preliminary checks, replacing these parts would only be a guess, and may or may not solve your complaint.