The truck was originally purchased in June of '03 so that's why my warranty expires in June. I believe I am the third owner but according to the BMW website under the warranty section it transfers from owner to owner. Technically I didn't buy it from a BMW dealer but it was traded in at a BMW dealership owned by the same owners and that's where we went to look at it. I just completed the transaction at a different dealer.

Based on the fact that they didn't list the Cyclone Valve as a separate part I'm starting think that it is a valve contained within the Oil Separator part as a whole.

I don't have a copy of the warranty so it would be hard to challenge them on what they did and didn't repair under warranty. The repairs were all free from my perspective (due to the repair credit I received from the purchasing dealer) so it's not really a point I'm interested in challenging.
I am a little concerned about the heated wrap thing but I'm not sure if they would be required to replace it under warranty with the 'improved' part.

More fuel to add to the fire...here's a list of what they repair under warranty and what they said wasn't covered by the warranty:

Covered:

Valve Cover Gaskets
Airbag - Seat Mat
Left front VANOS Seal
Valley Pan Gasket
Coolant Rear Galley
Gaskets on Manifold / Intake reseal
Tank Venting Valve
Fuel Tank Breather Valve

Not Covered:
Oil Separator / Cyclone Valve + Hoses
Drive Belts
Transcooler & transcooler lines