I'd follow the owners manual, can't go wrong with that. Conventional oil is more than good enough for our cars.
IIRC for the M42, BMW specs conventional 10w40 for fall temperatures. In another three months/3000 miles or so, change to a thinner oil.
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I'm not recommending this for anyone else, but in my 318i I stretch out my oil changes with synthetics. Please keep in mind that I have a high-mileage engine in a car that I don't need for work (just for a hobby). I also run used oil analysis and am willing to risk the occasional engine swap. That's the price I pay for a questing mind.
Anyhow, I've found that my little M42 can easily run extended oil changes to about 12K miles, as long as I keep filters changed every 6K miles or so. I've used Mobil1, Castrol, Quaker State and Havoline synthetics; tested everthing from 0w20 to 15w50. From the data I've collected, brand doesn't matter much. Wear metals seem the lowest with thicker 50-weight oils (yeah, I know, duh). But fuel mileage oddly seems to be best with 40 weights. I'm not 100% on that as I'm still short on data, but that's my current conclusion. I'd avoid the really thin oils, I noted no improvement in mileage and a measurable increase in wear metals, along with a few more drips in the driveway.
If you decide to try some synthetic, WalMart usually carries a 5-qt jug for about $30. That and a Mahle filter and I'm on my way.