Cathy,
I see daemon.log is filled with this:
Jun 3 04:09:13 seatm1lb001 warning init: serial-ttySX (ttyS0) main process (1257) terminated with status 1
Jun 3 04:09:13 seatm1lb001 warning init: serial-ttySX (ttyS0) main process ended, respawning
Jun 3 04:09:13 seatm1lb001 warning init: Temporary process spawn error: Cannot allocate memory
Jun 3 04:09:40 seatm1lb001 warning init: Temporary process spawn error: Cannot allocate memory
Jun 3 04:15:10 seatm1lb001 warning init: Temporary process spawn error: Cannot allocate memory
This matches this bug here: https://cdn.f5.com/product/bugtracker/ID676705.html
Any system where the console is not hooked up to /dev/sttyS0 (such as all virtual editions) and where the above bug is not fixed, can experience just high disk usage, not CPU.
However, in your case I can see that CPU1 high cpu is caused by system usage and you confirmed that init is eating up cpu cycles so I'd try changing the "respawn" to "off" in /etc/init/serial-ttySX.conf and rebooting the box (make it standby first!)
I also see a specific monitor (iweb-serviceadmin_new-4435) going up and down. It would be good to have a look at what is causing it too or at least temporarily disabling it just in case.
Cheers.
Rodrigo