....this is for the US spec e32 7 series. (info according to "Q")
ASC first became available on the 1990 750iL, then was upgraded to ASC+T in 1991-up
ASC was an option on the 1991-1992 735i/iL (ASC+T never available on the US version 735i/iL)
ASC+T was an option on the 1993-1994 740i/iL
(the button reads ASC regardless of which system you have)
The "T"(traction) in ASC+T was more of an evolution of ASC (automatic stability control)... here is more info about BMW's ASC+T:
http://www.usautoparts.net/bmw/technology/asct.htm