BMW Repair: 740iL Squealing Noise, crankcase ventilation, intake hoses

Question
Hello Don,
  I have a 1997 740iL (E38 / M62 - VIN# WBAGJ8320VDL42052)this is my 3rd Bimmer. I have had two 525's and finally moved up to a 7 series. The problem I'm having is when I drive the car, anytime I open the throttle above idle there is an extremely loud squealing noise coming from the engine. It seems to be coming from the rear of the right bank head or possibly from inside the bell housing. I'ts also leaking oil from the right bank valve cover and the engine smokes on initial start-up. I read a forum earlier and someone suggested it might be the PCV Valve causing pressure to build up in the crankcase. Tonight I just removed the intake manifold and replaced the Crankcase Ventilation Valve (rear intake cover)and also replaced the valve cover gaskets while I was into it. When I got it all back together the squeal is still there. It doesn't seem to have changed at all. There was an abundant amount of oil inside the intake, so I believe the valve was stopped up. I'm sure replacing it will help with the oil consumption and the smoking, and of course it needed the valve cover gaskets. I'm just in the dark on the squealing noise. I cannot figure out what is causing it. Any thoughts or suggestions you might have on this would be GREATLY appreciated!!!
                             Thank You!
                                  Doug
              (ASE Master Certified / 19 Years Experience)

Answer
Having had an oil leak problem that is where I would start looking.Clean ALL of the intake elements,I'm sure everything has an oil residue which will cause any valve to stick.The noise of course I can't hear it,Is it possible that the rear main seal may be drawn in because the engine can not breath?Any oil leak needs to be fixed as it will draw in unmeasured air and will cause an oil problem which then in turn causes the oil to be sucked throughout the intake(hoses,valves,etc.)