Bom, para o meu caso ficou assim:
[codebox]
<xsl:template match="/">
<xsl:variable name="total" select="valores"/>
<xsl:variable name="total" select="tokenize($total,' ')"/>
<xsl:for-each select="$total">
<xsl:element name="titulos">
<xsl:value-of select="."/>
</xsl:element>
</xsl:for-each>
</xsl:template>
[/codebox]
Valeu!