The computation of 2-D optical flow by means of regularized pel-recursive algorithms raises a host of issues, which include the treatment of outliers, motion discontinuities and occlusion among other problems. We propose a new approach which allows us to deal with these issues within a common framework. Our approach is based on the use of a technique called Generalized Cross-Validation to estimate the best regularization scheme for a given pixel. In our model, the regularization parameter is a matrix whose entries can account for diverse sources of error. The estimation of the motion vectors takes into consideration local properties of the image following a spatially adaptive approach where each moving pixel is supposed to have its own regularization matrix. Preliminary experiments indicate that this approach provides robust estimates of the optical flow.