Thanks for the comments.

I've read through dozens of threads and watched 10 videos, trying to avoid the "parts cannon" approach to repairs. Can I be pretty certain that this is a CCV problem or should I look at other possibilities?

Is it okay to drive, or should I park it until its sorted out?

I've only noticed the smoke once, yesterday, so hopefully I'm catching this problem before any major damage accurs.

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'02 X5 E53 3.0
'11 328XI E90 N51