OK - I don't use CW, but surely there's a command line method. Anyone?
Use this from Terminal Emulator:
su
sysrw
cd /data/dalvik-cache
rm *
sysro
Then reboot. This boot will take longer than usual.
/data is already r/w so those steps are not needed, and you should reboot right after cleaning out the cache. Best steps from a terminal window are:
su
cd /data/dalvik-cache
rm *
reboot
bada-bing. And yes, the first reboot will take some time as the cache rebuilds.