Looks original, depending on how many miles and years the bike has done. You can tell it's on its way out if you hear the chain clattering, sometimes when the engine is still cold, sometimes more at random. If it is rattling all the time, STOP and change the tensioner. You will need a BMW tool to block the crankshaft while you swap out the tensioner. The BMW service manual on DVD has a good step by step on how to do it.
KYMCO sells new tensioners cheaper than BMW (no surprise there). I lucked out and bought a batch of 4 new ones, I installed the first of the 4 a month or two ago, bike is now on its 4th tensioner and sits at 20K miles.