12-11-2009, 02:04 AM
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Member
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Join Date: Apr 2008
Location: Kirkland, WA to Alexandria, VA - Now in Marysville, WA
Posts: 4,001
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That's where the OSV valve is, but you should take the cover off and look closer. In the meantime, here is some light reading 
engine noise, whine, howling, oil separator valve
OSV [Oil Separator Valve] replacement enclosed.
Notes/Photos for replacing the BMW E38 (M62) Valve Cover gaskets.
All found on www.e38.org. Very useful information since we share the same motor, and the V8 w/ all it's problems have been discovered and remedied for around 6yrs before the 1st X5 was even born 
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650hp 10 X5///M - Stage 2, Vibrant 1794's , gutted cats, custom intake, AC Forged 22's 325hp 98 BMW 740iL - ///M5 6spd, www.bavengine.com w/ Performance Option, electric fan, CF intake tube w/ heatshield, Mag 14816 w/ notched bumper, Bilstein/H&R Stage II/Powerflex 600+hp 02 Harley F150 - MHP900 Stage 3 engine, KB2.3, 8# lower, 60# inj, Walbro FP's
135hp 01 TL1000R - M4 full exhaust, K&N, Yosh box, -1/+2 gears, 2CT's
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