It is a breather.
The breather itself is pushed into the rocker cover and provides a vent from the rockers, the pipe that comes in from the bottom is, I think, the crank case breather and the one that goes round the back of the engine into the air intake is the vent so any oil contained in the air that's expelled is burnt in the engine.
You can/should clean the breather canister every so often with parafin (although petrol is just as good but give it plenty of time to dry out before putting it back on and starting the engine, just in case!!). It's held on with the bolt that you can see in your photo, just under the side exit pipe.
If you're getting a lot of oil coming from the breather then clean it and see what it's like, if it still keeps pushing oil into the intake then you could have pressure build-up in the crank case which could indicate that your getting blow-by from the piston rings. :( But a small amount is to be expected.
Have you checked & cleaned the intercooler to see how much oil is in there? May be worth a look.