Uses the formulas in the base game which determine Health and Magicka regeneration while resting, and applies them continuously to normal game-play.

In detail, when you rest in-game you regenerate health at a rate of 10% of your Endurance every hour, and regenerate Magicka at a rate of 15% of your Intelligence per hour. This mod used those formulas as a model to add a constant regen at the same rate. (An in-game hour is 2 real-time
minutes, so over the course of 2 minutes you will regen 10% of your Endurance as health and 15% of your Intelligence as Magicka)

There is a version available for normal play, as well as a version designed for the OpenMW multiplayer offshoot Tes3MP. The only real difference between the two is that the Tes3MP version continues regen while the inventory/other menus are open as time does not stop when they are.

Feel free to edit and redistribute this in any way you want. The relevant script is named "health_magicka_regen".