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We study the exclusive semileptonic B meson decays ${\mathit{B}}^{\mathrm{\ensuremath{-}}}$\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}0}$${\mathit{l}}^{\mathrm{\ensuremath{-}}}$\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{} and B${\mathrm{\ifmmode\bar\else\textasciimacron\fi{}}}^{0}$\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}+}$${\mathit{l}}^{\mathrm{\ensuremath{-}}}$\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{} using data collected with the CLEO II detector at the Cornell Electron-positron Storage Ring (CESR). We present measurements of the branching fractions scrB(B${\mathrm{\ifmmode\bar\else\textasciimacron\fi{}}}^{0}$\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}+}$${\mathit{l}}^{\mathrm{\ensuremath{-}}}$\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{})= (0.5/${\mathit{f}}_{00}$)[4.49\ifmmode\pm\else\textpm\fi{}0.32(stat.)\ifmmode\pm\else\textpm\fi{}0.39 (syst.)]% and scrB(${\mathit{B}}^{\mathrm{\ensuremath{-}}}$\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}0}$${\mathit{l}}^{\mathrm{\ensuremath{-}}}$(\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{})= (0.5/${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$)[5.13\ifmmode\pm\else\textpm\fi{}0.54 (stat) \ifmmode\pm\else\textpm\fi{}0.64 (syst)]%, where ${\mathit{f}}_{00}$ and ${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$ are the neutral and charged B meson production fractions at the \ensuremath{\Upsilon}(4S) resonance, respectively. Assuming isospin invariance and taking the ratio of charged to neutral B meson lifetimes measured at higher energy machines, we determine the ratio ${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$/${\mathit{f}}_{00}$=1.04\ifmmode\pm\else\textpm\fi{}0.13 (stat) \ifmmode\pm\else\textpm\fi{}0.12 (syst) \ifmmode\pm\else\textpm\fi{}0.10 (lifetime); further assuming ${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$+${\mathit{f}}_{00}$=1 we also determine the partial width \ensuremath{\Gamma}(B\ifmmode\bar\else\textasciimacron\fi{}\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}}$l\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{})=[29.9\ifmmode\pm\else\textpm\fi{}1.9 (stat) \ifmmode\pm\else\textpm\fi{}2.7 (syst.) \ifmmode\pm\else\textpm\fi{}2.0 (lifetime)] ${\mathrm{ns}}^{\mathrm{\ensuremath{-}}1}$ (independent of ${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$/${\mathit{f}}_{00}$).From this partial width we calculate B\ifmmode\bar\else\textasciimacron\fi{}\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}}$l\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{} branching fractions that do not depend on ${\mathit{f}}_{+\mathrm{\ensuremath{-}}}$/${\mathit{f}}_{00}$ or the individual B lifetimes, but only on the charged to neutral B lifetime ratio. The product of the CKM matrix element \ensuremath{\Vert}${\mathit{V}}_{\mathit{c}\mathit{b}}$\ensuremath{\Vert} times the normalization of the decay form factor at the point of no recoil of the ${\mathit{D}}^{\mathrm{*}}$ meson, scrF(y=1), is determined from a linear fit to the combined differential decay rate of the exclusive B\ifmmode\bar\else\textasciimacron\fi{}\ensuremath{\rightarrow}${\mathit{D}}^{\mathrm{*}}$l\ensuremath{\nu}\ifmmode\bar\else\textasciimacron\fi{} decays: \ensuremath{\Vert}${\mathit{V}}_{\mathit{c}\mathit{b}}$\ensuremath{\Vert}scrF(1)=0.0351\ifmmode\pm\else\textpm\fi{}0.0019 (stat) \ifmmode\pm\else\textpm\fi{}0.0018 (syst) \ifmmode\pm\else\textpm\fi{}0.0008 (lifetime). The value for \ensuremath{\Vert}${\mathit{V}}_{\mathit{c}\mathit{b}}$\ensuremath{\Vert} is extracted using theoretical calculations of the form factor normalization.