Thread hijack so apologies up front.
Saint, I have the same knock which stops when the oil light goes out, it's not coming from the bottom end so that leaves vanos/tensioner/guides.
I'm not 100% sure but I think mine is a non vanos and the tensioner was changed a few days ago. Is the tensioner separate to the guide it's fitted to and could the guide itself be causing the knock or would an oil and filter change help with a different viscosity oil. It has 5/40 at the moment and it seems the oil is running back while it's parked so do you have any other suggestions that might help.
Thanks and apologies for the hijack
All M62's had VANOS - Single on the intake cam.
The tensioner is seperate to the guide and acts like a little hydraulic ram and pushes up against the top of one of the guides which in turn is pivoted at its base...this pushing puts tension into the chain.
If you had the tensioner changed and still get a rattle/slap it could be the guides are worn, but this doesn't explain why it goes quiet when oil pressure builds!
It could be the VANOS seals causing the cam chains to move about, but again VANOS seals I would attribute to a ticking noise as the VANOS bodies rotate around themselves and hit each other! (the VANOS unit has a series of rotating 'shells' that adjust when oil pressure is applied....knackered seals causing a reduction in oil pressure can mean the 'shells' rotate and hit their stops causing a ticking)
The M62 does have hydraulic tappets much like most other modern engines, and they can too lose oil pressure as they get old...although uncommon on the M62...they do tend to last a while!
You could try a 10/40 or 10/50 oil safely in this country as we rarely get temps below the lower threshold for these oils (-20degC).
Oil pump failure has been documented in the M62 but more often than not, it is the pump drive chain that is the issue (the oil pump is mounted very low down by the sump and is driven by a chain from the crankshaft)
I'd do an oil change with a good flushing agent, then refill and change again after a few hundred miles and see if the knocking noise is reduced....if it is the same, then it is a mechanical issue and investigation is needed....