Smoke engine bay smelled like melting plastic/ electrical

[salnj]

2002 x5 3.0
As I pulled to the driveway and outting the car in Park Noticed smoke from under the hood. Opened the hood and the smoke is coming from under the air filter intake on top of the radiator. No app errant leak fro the area and smelled like burning plastic or electrical. Removed the air filter intake and same no apparent radiator leak. Checked the hoses and all good.
Checked forum and people mentioned following:
Vcg- no aparent leak. I checked around with my fingers.
Oil separator-Oil dipstick and cap found yellow substance. I check them once a weak I guess that is the start of a bad oil separator.
Coolant all hoses intact.

If anyone have any insight to this issue please let me know.

Thanks Sal