I am a new onwer of an E34 M5, about to do my first service. I typically use Mobil 1 synthetic but the 16 year old manual has a qualification for the M5 that says, "Low friction lubricants are not permitted" Does this mean mineral oil only?
I think it means just stay away from 0w-X, 5W-X, and maybe even 10W-X oils. Stick with 15W-40, 15W-50, or 20W-50 oils. So either mineral or synthetic should be fine. Just use a quality name brand. I run Redline Synthetic 20W-50 in my 1988 M3.
Not sure. These are two completely different engines. S38 vs M60. I don't know much about BMW's early V8s. (not counting those from the 50s) I am running Red Line 5W-30 in my 03 540i. What does BMW suggest for your engine?
I don't know why not, but check your owner's manual specs, and consider your climate. If you get sub-freezing temps, you might want a 10w-40, or 5w-40, for instance.