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502.00 most likely nothing different then any half decent synthetic blend.
505.01 is a completely different case though, it was tested to provide the best protection for Pump Duse TDI's injectors & cam. Don't use it and your playing with fire.
VW 502 and 505.01 are not mutually exclusive. Valvoline Synpower 5W-40 meets both specs. Someone mentioned that all VW 505.01 oils must now also meet VW 502.00, but if that claim is correct I do not know.
VW 502 oils are generally full synthetic (Group IV) or synthetic (Group III or Group III+IV) oils. Some are Group IV. VW 505.01 oils are to my best knowledge never pure Group IV oils, but rather Group III (possibly + IV).
VW 502 has been adjusted and modified repeatedly since its conception many years ago and is still an up-to-date spec. I use the VW 502 spec as the basis for oil choices for my engine (which specs the older VW 500.00). That doesn't mean I will necessarily use an oil that even meets VW 502, but I am aware of the more critical parameters like HTHS, ash content, and volatility limits that are specified for oils that are suitable for my engine and kind of driving.
A VW 502 oil will hold up during extended high speed and high load driving in normally and abnormally aspirated (
)engines. VW 502 also allows extended drain.
VW 502 approval requires passing of the very tough, 248 hour lasting VW T4 test sequence, which Mercedes Benz also uses as part of their own oil test. No makeup oil is allowed during the T4 test and there are strict limits on allowed thickening of oil.
For normally aspirated and turbo VW, Audi and Porsche engines that have normal HTHS requirements and and do not require low ash oil or that call for extremely extended drain intervals, VW 502 is in my opinion the top safe "grab-off-the-shelf" choice oil spec. Most people are not inclined to laboriously figure out how to safely match or how to safely deviate from the car manufacturer's requirements and specs.