I know I have a different model diesel than yours, but I'm sure you are talking about the crackcase ventillation hose. My car has a similar setup, no valve, and lots of black oil.

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2001 Dodge Ram 2500 Cummins Turbo Diesel - 4x4, auto, 3.54 gears, long bed
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'92 300D 2.5 Turbodiesel - sold
'83 300D Turbodiesel - 4 speed manual/2.88 diff - sold
'87 300D Turbodiesel - sold
'82 300D Turbodiesel - sold