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I had the same problem on our 745 Turbo and I was able to stop the leak. It has been over a year and it still is fine.
You must work from under the car so be careful to safely raise the car and support it on jackstands. Use a solvent (I used lacquer thinner: and be aware of the possibility of fumes and fire potential) to remove all traces of oil on the end of the pipe, and the block surrounding the opening. Use a rag and solvent on a thin screwdriver to clean the area as deep as possible. Then use Q-tips with solvent to get every last bit of oil. Finally wipe the pipe and block surface again.
Now use a high grade of silicone to seal the gap between the pipe and the block. Force small amounts in until the gap is filled all the way around. At this point add more silicone over top of the gap you just filled. Work this additional layer out onto the pipe as well as out on the block. I would say 3/4 inch would not be too much. Then fill the space that would exist if you drew a diagonal line from the outer edge of the silcone on the pipe to the outer edge of the silcone on the block (hope this makes sense to you..) Think of it as welding with silicone! Let this dry for at least overnight and preferably 24 hours. It is a lot easier than replacing the O-ring (been there, too)
Randy
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