I have a 97 M3, red oil lights are on, SRS light is on.
But...
The lights will not reset, either manually, or with a peake tool.
Any ideas?

is the red oil light is on, then you have probably have a bad oil pressure switch, if you are reffering to the oil service light, then you are not doing the procedure correctly, and your airbag lamp is still on because you probably didnt fix anything related to the airbag, and the Peake tool you purchase does not read or reset the airbag lamp.

Oil light I am talking about is the oil service lights, the bar of light with "oil service" in tect when they go red.
This will not reset, by either the peake tool for this task, by a BMW tech, or by the DIY on this site.

Airbag light also would not reset by BMW tech.