There are many threads on the BimmerPost forums regarding the squeaking. From what I'm concluded, the noise is caused by the brake pads rubbing on the discs. The most reliable solution is to apply lubricant to the pads. If your car is still under warranty, I would take it in while the service is covered. Other forum members have filed down a plate behind the discs where they believe there is contact, but the most reasonable solution appears to keep the pads lubricated.
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