I've always been trained that to check the oil level, you pull the dipstick (ignore the reading on that first pull), wipe it, insert and remove it again for an accurate reading. After years of working on cars old and new, I've always seen the first (inaccurate pull) has oil all over the dipstick (a high or fuller reading). The second pull after wiping is lower and accurate.
On my C34mkII M35B, the variation is reversed. The first pull always shows the oil level LOW. The second pull after wiping shows it higher (FULL). The first time this happened after an oil change I was concerned since the engine drained and took ~4 quarts instead of 5 per the manual. Well, I see that question was answered in a previous post (the manual is wrong, the capacity is 4 quarts). I also have made sure the dipstick was all the way inserted before each pull (even the first one). If I do it a third time or more, it always matches the second one. This happens every time I check the engine. The engine is usually cold when I check it.
Does anybody else get similar readings? It's not a big deal, I use the second pull to gauge oil levels. It's just a curiosity that it would be great to get an explanation on. Throw in a lot of words like multi-viscosity, adhesion, and fitzer valve and I'll believe you.