Hello all... I invite all suggestions/speculation as to the source of my problem.

I purchased my 1990 745Ti/Aw71 last november. I drove her until mid-December when the snow first came. She's been in storage since then, but taken out twice when road conditions have permitted driving with bald P7000's. I noticed a small (1/2 foot?) oil mark on the plywood that I leave under the car after the first drive, and after inspecting the wood (that I turned over after the first oil mark was found...) I noticed a much larger mark, perhaps 2.5 feet in diameter. Sure enough, when I checked the dipstick, and the oil was BELOW the flat section at the bottom of the dipstick. Most worrysome was the 'gunk' that was found on the upper half of the dipstick. It was frothy and thick like a paste. Almost looked like butter. I had an oil change done in december prior to being put away, and as such the oil was clean.

Q1: Why wouldn't the oil light have come on? The light functions properly in test mode when starting the car.

Q2: After removing the splash-pan under the engine, I was not able to find much evidence of a location for a leak that would've caused this.

Thank you all for your input, I'll update you all when I get it to the garage... I have to buy a couple quarts of oil before I do though....

ERIK

'98 V70 AWD (dad's...)
'90 745Ti "ICE RCKT" (mine!!!!!)