Scheme: 72
(define(c n)(if(= n 1)`(1)(cons n(if(odd? n)(c(+(* n 3)1))(c(/ n 2))))))
This uses recursion, but the calls are tail-recursive so I think they'll be optimized to iteration. In some quick testing, I haven't been able to find a number for which the stack overflows anyway. Just for example:
(c 9876543219999999999000011234567898888777766665555444433332222
7777777777777777777777777777777798797657657651234143375987342987
5398709812374982529830983743297432985230985739287023987532098579
058095873098753098370938753987)
...runs just fine. [that's all one number -- I've just broken it to fit on screen.]