Jason,
I believe that your second reason, the fact that the oil is unfiltered, is the more likely cause. What you see is small bits (sometimes only 1mm in largest dimension) that are suspended in the oil. Many discerning oil lovers will actually look for this type of oil, as it is a (almost ironclad) guarantee that the oil hasn't been filtered.
All that said, however, it might be, if the oil is from Manzanillo fruit, that there is a "waxy" substance that comes out of solution as the oil ages. It will disappear after some time in warmth. I have no idea what it may be, chemically that is. So I leave that to others more qualified than I.
Cheers
John Attwood
Tamworth NSW Au