I just went through something similar this past summer prior to annual. I had two oil analyses come back with elevated iron and aluminum, with some flecks of metal picked up in the screen (I had the original screen at the time not a filter). With aluminum in the mix, I was pretty sure it was a piston pin plug which is apparently a fairly common issue. I got great advice from the very helpful Lycoming tech support line, and as others have said they did not recommend jumping to replacing parts or pulling a cylinder. I did send the metal for analysis and then discussed the results with Lycoming again, confirming my hypothesis that the aluminum could have come from the piston pin plug. Once in the ship, my mechanic scoped all the cylinders and we found the telltale "skid mark" pattern from a bad He was 50/50 on whether or not we needed to pull the cylinder right away, we agreed in the end to pull it while in annual and send for repair. The pin was visibly worn and the hole was slightly wallowed. The cylinder shop was fortunately able to repair the cylinder and piston for a very reasonable price, which made me happy we did the work now before it got worse. My next oil analysis was much better, with out the dreaded phone call from Blackstone that they do when your results spike. With 2.5 years of Mooney ownership under my belt I'm finally getting into the groove of being a maintenance manager. We also put in a proper oil filter while the plane was down.