I wouldn't use it. Most recommend a good 5w40 oil in 505.01. Read the threads here on oils for a better choice. The cam and lifters need all the protection they can get in a PD engine.
I guess I found it estrange that there has not been more widespread cam failures in Europe with Pumpe Duse engines using 507 oils (which have been used earlier over there than here in North America). I went on a search on a couple of UK forums (one being
http://www.ukpassats.co.uk/) and I could not find evidence that the use of 507 oils has caused failures (such as premature wearout) in PD engines. I also contacted a well known online oil seller in the UK (
www.opieoils.co.uk/) and their response was that they have not heard any reports of PD cam failures with the 507 oils they sell.
There is also this chart from VW showing the relationship and compatibility of the various VW oil specs. It shows the 505.01 being superseded by the 507 spec:
Maybe, here at TDIClub, we have developed a rejection/uneasiness of anything 5W30 for a PD engine based on all the problems of VW dealers either using the wrong Castrol synthetic oil (non-505.01) or that the Castrol 505.01 used in the past was not of a good quality/robustness (as compared to other 505.01 5W-30 oils).