The AEL 5w-30 came out not too many months back. They do make a 5w-40 Euro oil as well AFL.
It says to use the 5w-30 Euro oil. AEL I prefer Amsoil over any other oil. No reason you can't use it.
Straight from the Amsoil site:
2001 BMW 740i 4.4L 8-cyl Engine Code M62 B44
LUBRICANTS & FLUIDS:
Engine Oil
Grade 1......SEO[1]
Performance Synthetic 5W-30 European Oil (AELQT) Synthetic 5W-30 European Oil (AELQT)
Drain Interval Information
All TEMPS......5W-30
Automatic Transmission,5HP-24......AE
Synthetic Multi-Vehicle Automatic Transmission Fluid (ATFQT)
Standard Differential, Rear......GLS [2]
All TEMPS......
SEVERE GEAR 75W-90 Synthetic EP Lubricant (SVGQT)
Limited Slip Differential, Rear......GLS [3]
All TEMPS......
SEVERE GEAR 75W-140 Synthetic EP Lubricant (SVOQT)
Fluids
Power Steering Fluid......AF3
Synthetic Multi-Vehicle Automatic Transmission Fluid (ATFQT)
Power Steering Fluid......AF3
Torque-Drive Synthetic Transmission Fluid (ATD1G)
Brake Fluid......HBH
AMSOIL Brake Fluid DOT-4 (BF4SN)
Clutch Fluid......HBH
AMSOIL Brake Fluid DOT-4 (BF4SN)
[1] Use oil formulated to meet BMW part No 07 51 0 017 866 or
equivalent.
[2] BMW part no. 83 22 9 407 768 or SAF-XO, or equivalent
[3] BMW part no. 83 22 1 470 080 or SAF-XJ, or equivalent
FILTERS:
Oil Filter MANN Oil Filter (HU9384x)
Air Filter Absolute Efficiency Air Filter (EAA239)
Air Filter MANN Air Filter (C26151)
Fuel Filter MANN Fuel Filter (WK532)
NGK PLUGS AND WIRESETS:
GPSERIES PLUG BKR6EGP NGK7092 [1]
IXIRIDIUM PLUG BKR6EIX NGK6418 [1]
PREMIUMPLATINUM PLUG BKR6EQUP * # NGK3199 [1]
STANDARD PLUG BKR6EKUB [1]
VPOWER PLUG BKR6E NGK6962 [1]
WIRESET WIRESET Direct Fire Ignition [2]
[1] DOHC
[2] No Wires Req'd
WIPER BLADES:
Blade Class Driver Passenger
ExactFit T221 T241
NeoForm T16220 T16240
Winter T37225 T37245
CHASSIS LUBRICATION:
0 Fittings, 0 Plugs
CAPACITIES:
Engine, with filter..........8 quarts [1]
Cooling System, Initial Fill..........13.4 quarts
AMSOIL Antifreeze and Engine Coolant
Automatic Transmission, 5HP-24 Initial Fill..........4.3 quarts
Automatic Transmission, Total Fill
5 speed 5HP-24..........10.3 quarts
Differential, 220K Rear..........2.6 pints [2]
[1] After refill check oil level.
[2] Capacity shown is at oil change. Total capacity is
1.4 liter (3.0 pints)
TORQUES:
Oil Drain Plug.....17mm PBH......22-26 ft/lbs
Oil Drain Plug.....19mm PBH......43-46 ft/lbs
OTHER TOP QUALITY PRODUCTS:
Mothers® Car Care Appearance Products
By-Pass Oil Filters
PI Performance Improver Gasoline Additive
Product Recommendations and Drain Interval Chart