I think the equipment was there to rehab the Garwood running track between Garwood and Cranford. That job appears to be complete and that track is heavily upgraded now. I rode the RVL today and east of Cranford Jct there has been no brush cutting or prep work whatsoever.
Moreover, post-Sandy I think the busway plan is history. The ROW planned for the busway is occupied by a now-upgraded 3rd track, which now cuts back into the main tracks just east of Cranford. That track is intended I believe to store trains in the event of a hurricane, and there are rumors that the Bayway oil refinery may want to use it for shipping oil in from the Bakken Shale fields [though I doubt NJT would go for that].