The controlled cationic polymerization of cyclopentadiene (CPD) at 20 degrees C using 1-(4-methoxyphenyl)ethanol (1)/B(C6F5)(3) initiating system in the presence of fairly large amount of water is reported. The number-average molecular weights of the obtained polymers increased in direct proportion to monomer conversion in agreement with calculated values and were inversely proportional to initiator concentration, while the molecular weight distribution slightly broadened during the polymerization (M-w/M-n similar to 1.15-1.60). H-1 NMR analyses confirmed that the polymerization proceeds via reversible activation of the C-OH bond derived from the initiator to generate the growing cationic species, although some loss of hydroxyl functionality happened in the course of the polymerization. It was also shown that the enchainment in cationic polymerization of CPD was affected by the nature of the solvent(s): for instance, polymers with high regioselectivity ([1,4] up to 70%) were obtained in acetonitrile, whereas lower values (around 60%) were found in CH2Cl2/CH3CN mixtures. Aqueous suspension polymerization of CPD using the same initiating system was successfully performed and allowed to synthesize primarily hydroxyl-terminated oligomers (F-n = 0.8-0.9) with M-n <= 1000 g mol(-1) and broad MWD (M-w/M-n similar to 2.2). (C) 2008 Wiley Periodicals, Inc.