thanks
.. yea this was my first hands on job on my X5 and I was actually able to remove and replace both the OSV and CCV. When I removed the CCV (rear intake cover) and felt inside the intake, there was a pool of oil sitting inside the intake! (see pic). I cleaned out as much oil using rags and put everything back together. It still smokes more than it should, I think driving it around will fix it, but I dont want to take a chance driving around when its below 20 F since it was the cold that caused this in the first place...
Overall not very happy about this design flaw in the E53.. But a big thank you to all of you who helped and provided input - I appreciate it a lot! will post an update when the issue is completely resolved!