In all likelihood, sounds like your thermostat is stuck open. Not quite sure about the smell, maybe a coincidence? Does it have a sweet smell (I believe that's coolant)? Could be oil and just happened to occur at the same time.
P46 Projectors + FX-R Retrofit + 6k D2S / 60 LED AE's / Smoked LED Tails / Smoked Turn and Side Markers / BSW 10" Sub /ZHP Knob / Matte Black Grills / DICE / Parrot + Connects2 / OEM Alternative Alarm Mod / Clutch Switch Delay Mod / M3 Rep Front Bumper / 3M Black CF Di-Noc Wrap / K&N Intake / 35% Tint All Around / Black Short Eurotray / 545i Shifter