The second part of the mitotic phase, during which cell division is completed by the physical separation of the cytoplasm components into two daughter cells is called

"The second part of the mitotic phase, during which cell division is completed by the physical separation of the cytoplasm components into two daughter cells is called telophase."

Telophase is the last phase of mitosis. The name itself indicates terminal (telo) phase. The chromosomes get to the cell poles and nuclear membranes are formed around each set of chromatids. The actual cell division is called cytokinesis and it starts at the end of the telophase.