I think the confusion stems from not specifying if we are dealing with MIDI or audio tracks here. I'm gonna assume you are dealing with MIDI tracks since you used the word "sequences".
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the m08 does not have the ability to store newly created sequences.
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I'm puzzled by this one because a quick search on Google states that the M08 does have a sequencer.
Cubase has a way of separating MIDI tracks by using filters. You can filter by channel. This should take your MIDI data and bust it up so that channel #1 is on one MIDI track and channel #2 is on a second MIDI track.
I don't remember exactly how to do it so I guess it's time to crack open the manual. I've done it once and it was very simple.
Brandon