We have studied the collective short wavelength dynamics in deuterated DMPC bilayers by inelastic neutron scattering. The corresponding dispersion relation $hbaromega$(Q) is presented for the gel and fluid phase of this model system. The temperature dependence of the inelastic excitations indicates a phase coexistence between the two phases over a broad range and leads to a different assignment of excitations than that reported in a preceding inelastic x-ray scattering study [Phys. Rev. Lett. {bf 86}, 740 (2001)]. As a consequence, we find that the minimum in the dispersion relation is actually deeper in the gel than in the fluid phase. Finally, we can clearly identify an additional non-dispersive (optical) mode predicted by Molecular Dynamics (MD) simulations [Phys. Rev. Lett. {bf 87}, 238101 (2001)].