I have a 2006 550i and I was stopped waiting for a friend was in drive foot on the brake
for about 15 minutes then put the car in park and turned it off. When i started the car
to go it would not come out of park and the transmission warning limp home message came on. I called AAA they came out and the driver showed me how to bypass the
lock. So I started it and it drive fine but not going past 3rd gear. The warning light is still on and when i put it back in park it sticks there?

 

Does your brake light work? Your brake pedal sensor may be dead which is causing your shift lever to no release the lock.

 

yes my brake lights work.