I use synthetic oil only in engine, tranny & diff. Gives better mileage but it's much more expensive. I use whatever is on sale, as long as it's a major brand like Mobil1, Pennzoil, Valvoline, etc. Be aware that (except for Mobil1 IIRC) they're not true PAO Group IV synthetics. I'm going to try out Redline one of these days...they make a very high-quality line of products with a superb reputation.
I avoid Amsoil because they sell oil like they're Jehovah's Witnesses or something...I just can't get myself to trust them.
I also use high-quality filters, not Fram. I suspect that air & oil filters are even more important to engine life than the oil quality itself.
I usually use 5w30 in the winter, 10w40 in the summer, but I suspect that's not that critical. It's never really that hot or cold here. I do try to keep those grading numbers close, I suspect having more polymers like 5w50 or BMW's own 5w60 will shorten the life of the oil.