I don't have my F10 M5 yet, so this is if I remember correctly from test driving the new M.
The e-brake on the new M5 is electronic. The M5 doesn't have a "park" mode separate from the e-brake engaging. I think thats where your confused.
So, when the car shows "P", the e-brake is engaged. I would think that the red light on the e-brake button should light up as well.
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