Looks very much like condensation. I wouldn't worry about a cracked head, or coolant leak, unless I was also low on coolant at the same time. That amount of condensate/emulsified paste is very typical.

It is not a symptom of a problem with the CCV, the CCV could be just fine. It is a symtom of a problem with short trips, which can also cause problems with the CCV. Cause vs effect.

MD provided the link to a thread above where this is discussed in more detail. Thanks MD, saved me searching or retyping.

Jeff

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue