My 97 1.8t also had one, I remember consistent 205 with syn, and 225 or so with conventional 15/40 (circa 2001 oils) It would maybe drop 5-10 degrees when cold, and hung there a bit but usually got up to normal operating temp in time. I dont really recall 2 separate temps though, it was almost always in the 205 area, probably from the oil cooler warming.
The E46 M3 used to run safely below the 210 mid mark on the gauge, probably 200 or so in the winters when I used to drive it then, and 210 in summer. The M5 will always be dead center or a little over 210, tons of heat in the engine bay. The oil temp gauge is my favorite in the clusters, I feel its a more accurate display of engine temps when you can see the slight fluctuations when slowing down to traffic from highway speeds, or in traffic.
Edit: I also remember the Caravans we rented a few years ago showed between 195-200 on the oil temp on our trips.