Done this many a time myself when i was learning Its a kneejerk reaction to lift completly off and this is last thing you want to do really. If its not too sideways feathering the throttle searching for just the right amount of grip/slip works a treat. If its a tad outta control or stepped out by accident then dipping the clutch is then next best thing,this balances the car out better than being on gas or engine breaking and hepls to regain some form of control. An lsd will help massivly when trying to drift/powerslide properly,has the beemer got one?
If all fails hold the fuck on and pray you dont hit anything