2003 cooper s. SRS light has been on a long time. Problem traced to the "squibb" on the + battery terminal. Parts are as low as $260.00...a BMW fix which replaces the squibb(good sight on BMW forums on how to do this)...or you can cheap out this way.
Cut the wires(brown&blue) near the squibb and solder in a 3.2ohm 5 watt resistor.
The trick is the right reset tool(don't have to go to the dealer) it's a b200 srs reset tool from Dealextream in Hong Kong..but shipped from Germany.
This all seemed too good to be true..39.95 including the shipping..but it worked! Took two weeks to get to Maine but...
I do not recommend this fix unless you are a bit desperate..at least the system will work minus the battery disconnect