Let $\mathcal{O}_K \subseteq K$ be the ring of integers of a number field. We have Dirichlet's Unit Theorem which says that the group of units of $\mathcal{O}_K$ is a finitely generated abelian group of rank $r- 1$ where $r$ is the number of archimedean valuations of $K$ and whose torsion part is exactly the group of roots of unity in $K$.
I've seen the statement - but not the proof, although apparently the ideas are similar - that the group of "$S$-Units" is also a finitely generated abelian group, where $S$ is a finite set of prime ideals of $\mathcal{O}_K$ and the set of $S$-units is the set $\{x \in K \mid |x|_P = 0\ \forall P \not \in S\}$. Its rank is $r + s - 1$ where $s = |S|$.
Do either of these results easily imply that the group of units of the localization $M^{-1} \mathcal{O}_K$ is finitely generated for:
- Any multiplicatively closed set $M$?
- $M$ generated by a finite set?
- $M = \mathcal{O}_K \setminus \mathfrak{p}$ for a prime $\mathfrak{p}$?
If so, what is its rank? If not, is there an easy other proof (or counterexample)?
EDIT As pointed out in the comments, it's too much to expect that the localization at a prime $(\mathcal{O}_K)_{\mathfrak{p}}$ should be finitely generated. But the case where $M$ is generated by a finite set seems plausible. At least in the case that $\mathcal{O}_K$ is a PID, the group of units of $\mathcal{O}_K[f_1^{-1}, \ldots, f_n^{-1}]$ should just be $(\mathcal{O}_K)^* \times f_1 \mathbb{Z} \times \cdots \times f_n \mathbb{Z}$ (assuming that the $f_i$ are multiplicatively independent - i.e. taking a minimal generating set for $M$):
If $a f_1^{e_1} \cdots f_n^{e_n}$ is a unit of $M^{-1}\mathcal{O}_K$ written so that $a \in \mathcal{O}_K$ is coprime to the $f_i$, then its inverse is $b f_1^{e'_1} \cdots f_n^{e'_n}$ with $b \in \mathcal{O}_K$ coprime to the $f_i$, then it must be the case that $a b = 1$ and $e_i + e'_i = 0$ for all $i$. Thus, up to multiplication by the $f_i$, $a$ is a unit of $\mathcal{O}_K$.
It seems like this result shouldn't depend on $\mathcal{O}_K$ being a principal ideal domain, but I don't know how to fix the proof in that case.