First of all, this problem is detailed in this discussion at Apple's forum.
I basically have the exactly same problem.
Status indicator is always yellow under "Bluetooth PAN" in Network Panel.
The status says:
Bluetooth PAN has a self-assigned IP address and will not be able to connect to the Internet.
I tried on both iPad and Android devices, doesn't work. There is an icon on the upper left corner of iPad indicates connected to Bluetooth PAN. However, there is no internet access.
Any suggestions on this issue?