In many cases the fastest way to kill the clutch in the E39 m5 is to repeatedly do hard standing starts. The clutch in the E39 M5 HATES hard, “burn out” style starts.

If you are in the market for a new clutch, there are a number of higher performance options out there.  Dinan has some good ones as does CNS Racing:

After years of Research and Development to correct the poorly
engineered and undersized OEM BMW E39 M5 clutch, we are proud to
present the best clutch package offered on the market today. Here are
some of the advantages to the CNS Racing E39 M5 Power Clutch Kit.

- The CNS Racing BMW E39 M5 Power clutch kit offers the best of both
worlds – An oversized 10.5 inch complete Power clutch kit including a
Dualmass flywheel design. Unlike the competitor clutches which include
a lightweight and noisy (gearlash) flywheel, the CNS Racing kit
includes a lightened dualmass flywheel which offers Zero
gearlash/rollover noise just like the OEM setup.

- The clutch component diameter has been increased in size from 9.45
inches (240mm) to 10.5 inches (267mm). This provides greater surface
area for much greater clutch durability and heat dissipation.

- CNS Racing only offers a full face carbon semi-metallic clutch
disk which has proven longevity and OEM streetability. This in turn
eliminates the chance of premature failure due to clutch disk glazing
which occurs in OEM and competitor kits that have an Organic disk
lining.

- Identical if not better OEM pedal feel.

For more information and details on the usability of the clutch and options, costs, how to drive it, etc.  Check out the m5 Video Guide for the E39 m5.

CNS racing can be visited at this link.