Solvation structure and dynamics of a saturated solution of carbon dioxide in the room-temperature ionic liquid 1-butyl-3-methylimidazolium hexafluorophosphate (BMI+PF6-) at 313 K and 0.15 kbar are investigated via molecular dynamics computer simulations by employing a diatomic probe solute. It is found that the mixture shows preferential solvation, which is mainly controlled by the solute-BMI+PF6- electrostatic interactions and thus dictates differing roles for CO2 as the solute charge distribution varies. The local structure and density of BMI+PF6- and CO2 in the vicinity of the solute become enhanced and reduced, respectively, as its dipole moment increases. As a result, equilibrium solvation dynamics of a nonpolar solute in the mixture have a strong CO2 character, whereas those of a dipolar solute are very similar to, albeit faster than, solvation dynamics in pure BMI+PF6-. Related nonequilibrium solvent response couched in dynamic Stokes shifts and accompanying solvation structure relaxation, in particular, CO2 structure reorganization, shows interesting dependence on the solute charge distribution. Ion transport in the mixture is much faster than in pure BMI+PF6-, indicating that the addition of cosolvent CO2 reduces the viscosity of the ionic liquid, significantly. The effective polarity of the mixture, measured as solvation-induced stabilization of a dipolar solute, is found to be comparable to that of neat BMI+PF6-, consonant with solvatochromic measurements.