diff --git a/Package.swift b/Package.swift
index 7b90240a..47166359 100644
--- a/Package.swift
+++ b/Package.swift
@@ -52,7 +52,7 @@ let package = Package(
 
         // Read OpenAPI documents
         .package(url: "https://github.com/mattpolzin/OpenAPIKit", from: "3.1.2"),
-        .package(url: "https://github.com/jpsim/Yams", "4.0.0"..<"6.0.0"),
+        .package(url: "https://github.com/jpsim/Yams", "5.1.0"..<"6.0.0"),
 
         // CLI Tool
         .package(url: "https://github.com/apple/swift-argument-parser", from: "1.3.0"),
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateAllAnyOneOf.swift b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateAllAnyOneOf.swift
index ad7a1b63..9b91c460 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateAllAnyOneOf.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateAllAnyOneOf.swift
@@ -38,7 +38,7 @@ extension TypesFileTranslator {
     /// - Throws: An error if there is an issue during translation.
     /// - Returns: A declaration representing the translated allOf/anyOf structure.
     func translateAllOrAnyOf(typeName: TypeName, openAPIDescription: String?, type: AllOrAnyOf, schemas: [JSONSchema])
-        throws -> Declaration
+        throws -> [Declaration]
     {
         let properties: [(property: PropertyBlueprint, isKeyValuePair: Bool)] = try schemas.enumerated()
             .map { index, schema in
@@ -107,7 +107,7 @@ extension TypesFileTranslator {
                 properties: propertyValues
             )
         )
-        return structDecl
+        return [structDecl]
     }
 
     /// Returns a declaration for a oneOf schema.
@@ -128,7 +128,7 @@ extension TypesFileTranslator {
         openAPIDescription: String?,
         discriminator: OpenAPI.Discriminator?,
         schemas: [JSONSchema]
-    ) throws -> Declaration {
+    ) throws -> [Declaration] {
         let cases: [(String, [String]?, Bool, Comment?, TypeUsage, [Declaration])]
         if let discriminator {
             // > When using the discriminator, inline schemas will not be considered.
@@ -148,7 +148,15 @@ extension TypesFileTranslator {
                 return (caseName, mappedType.rawNames, true, comment, mappedType.typeName.asUsage, [])
             }
         } else {
-            cases = try schemas.enumerated()
+            let (schemas, nullSchemas) = schemas.partitioned(by: { typeMatcher.isNull($0) })
+            if schemas.count == 1, nullSchemas.count > 0, let schema = schemas.first {
+                return try translateSchema(
+                    typeName: typeName,
+                    schema: schema,
+                    overrides: .init(isOptional: true))
+            }
+            cases = try schemas
+                .enumerated()
                 .map { index, schema in
                     let key = "case\(index+1)"
                     let childType = try typeAssigner.typeUsage(
@@ -242,6 +250,6 @@ extension TypesFileTranslator {
             conformances: Constants.ObjectStruct.conformances,
             members: caseDecls + codingKeysDecls + [decoder, encoder]
         )
-        return .commentable(comment, enumDecl)
+        return [.commentable(comment, enumDecl)]
     }
 }
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateSchema.swift b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateSchema.swift
index f7668e4f..a9f69ef4 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateSchema.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateSchema.swift
@@ -141,29 +141,26 @@ extension TypesFileTranslator {
                 arrayContext: arrayContext
             )
         case let .all(of: schemas, core: coreContext):
-            let allOfDecl = try translateAllOrAnyOf(
+            return try translateAllOrAnyOf(
                 typeName: typeName,
                 openAPIDescription: overrides.userDescription ?? coreContext.description,
                 type: .allOf,
                 schemas: schemas
             )
-            return [allOfDecl]
         case let .any(of: schemas, core: coreContext):
-            let anyOfDecl = try translateAllOrAnyOf(
+            return try translateAllOrAnyOf(
                 typeName: typeName,
                 openAPIDescription: overrides.userDescription ?? coreContext.description,
                 type: .anyOf,
                 schemas: schemas
             )
-            return [anyOfDecl]
         case let .one(of: schemas, core: coreContext):
-            let oneOfDecl = try translateOneOf(
+            return try translateOneOf(
                 typeName: typeName,
                 openAPIDescription: overrides.userDescription ?? coreContext.description,
                 discriminator: coreContext.discriminator,
                 schemas: schemas
             )
-            return [oneOfDecl]
         default: return []
         }
     }
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateTypealias.swift b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateTypealias.swift
index f6c2d48a..63670507 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateTypealias.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/CommonTranslations/translateTypealias.swift
@@ -28,7 +28,7 @@ extension FileTranslator {
         let typealiasDescription = TypealiasDescription(
             accessModifier: config.access,
             name: typeName.shortSwiftName,
-            existingType: .init(existingTypeUsage.withOptional(false))
+            existingType: .init(existingTypeUsage)
         )
         let typealiasComment: Comment? = typeName.docCommentWithUserDescription(userDescription)
         return .commentable(typealiasComment, .typealias(typealiasDescription))
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/Parameters/translateParameter.swift b/Sources/_OpenAPIGeneratorCore/Translator/Parameters/translateParameter.swift
index c422bec0..dfc40f98 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/Parameters/translateParameter.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/Parameters/translateParameter.swift
@@ -70,7 +70,7 @@ extension TypesFileTranslator {
         let decl = try translateSchema(
             typeName: typeName,
             schema: parameter.schema,
-            overrides: .init(isOptional: !parameter.required, userDescription: parameter.parameter.description)
+            overrides: .init(userDescription: parameter.parameter.description)
         )
         return decl
     }
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/Responses/translateResponseHeader.swift b/Sources/_OpenAPIGeneratorCore/Translator/Responses/translateResponseHeader.swift
index 229d575a..707761d6 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/Responses/translateResponseHeader.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/Responses/translateResponseHeader.swift
@@ -114,7 +114,7 @@ extension TypesFileTranslator {
         let decl = try translateSchema(
             typeName: typeName,
             schema: header.schema,
-            overrides: .init(isOptional: header.isOptional, userDescription: header.header.description)
+            overrides: .init(userDescription: header.header.description)
         )
         return decl
     }
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeAssigner.swift b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeAssigner.swift
index 72e18f8a..5fc3a8ec 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeAssigner.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeAssigner.swift
@@ -345,7 +345,7 @@ struct TypeAssigner {
                 swiftComponent: asSwiftSafeName(originalName) + suffix,
                 jsonComponent: jsonReferenceComponentOverride ?? originalName
             )
-            .asUsage.withOptional(try typeMatcher.isOptional(schema, components: components))
+            .asUsage.withOptional(try typeMatcher.isOptionalRoot(schema, components: components))
     }
 
     /// Returns a type name for a reusable component.
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeMatcher.swift b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeMatcher.swift
index 08ac4a1e..f4ef6f4b 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeMatcher.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/TypeMatcher.swift
@@ -78,7 +78,7 @@ struct TypeMatcher {
             },
             genericArrayHandler: { TypeName.arrayContainer.asUsage }
         )?
-        .withOptional(isOptional(schema, components: components))
+        .withOptional(isOptionalRoot(schema, components: components))
     }
 
     /// Returns a Boolean value that indicates whether the schema
@@ -247,10 +247,29 @@ struct TypeMatcher {
     /// - Throws: An error if there's an issue while checking the schema.
     /// - Returns: `true` if the schema is optional, `false` otherwise.
     func isOptional(_ schema: JSONSchema, components: OpenAPI.Components) throws -> Bool {
+        var cache = [JSONReference<JSONSchema>: Bool]()
+        return try isOptional(schema, components: components, cache: &cache)
+    }
+
+    /// Returns a Boolean value indicating whether the schema is optional.
+    /// - Parameters:
+    ///   - schema: The schema to check.
+    ///   - components: The OpenAPI components for looking up references.
+    ///   - cache: Memoised optionality by reference.
+    /// - Throws: An error if there's an issue while checking the schema.
+    /// - Returns: `true` if the schema is optional, `false` otherwise.
+    func isOptional(_ schema: JSONSchema, components: OpenAPI.Components, cache: inout [JSONReference<JSONSchema>: Bool]) throws -> Bool {
         if schema.nullable || !schema.required { return true }
-        guard case .reference(let ref, _) = schema.value else { return false }
-        let targetSchema = try components.lookup(ref)
-        return try isOptional(targetSchema, components: components)
+        switch schema.value {
+        case .null(_):
+            return true
+        case .reference(let ref, _):
+            return try isOptional(ref, components: components, cache: &cache)
+        case .one(of: let schemas, core: _):
+            return try schemas.contains(where: { try isOptional($0, components: components, cache: &cache) })
+        default:
+            return schema.nullable
+        }
     }
 
     /// Returns a Boolean value indicating whether the schema is optional.
@@ -260,15 +279,89 @@ struct TypeMatcher {
     /// - Throws: An error if there's an issue while checking the schema.
     /// - Returns: `true` if the schema is optional, `false` otherwise.
     func isOptional(_ schema: UnresolvedSchema?, components: OpenAPI.Components) throws -> Bool {
+        var cache = [JSONReference<JSONSchema>: Bool]()
+        return try isOptional(schema, components: components, cache: &cache)
+    }
+
+    /// Returns a Boolean value indicating whether the schema is optional.
+    /// - Parameters:
+    ///   - schema: The schema to check.
+    ///   - components: The OpenAPI components for looking up references.
+    ///   - cache: Memoised optionality by reference.
+    /// - Throws: An error if there's an issue while checking the schema.
+    /// - Returns: `true` if the schema is optional, `false` otherwise.
+    func isOptional(_ schema: UnresolvedSchema?, components: OpenAPI.Components, cache: inout [JSONReference<JSONSchema>: Bool]) throws -> Bool {
         guard let schema else {
             // A nil unresolved schema represents a non-optional fragment.
             return false
         }
         switch schema {
         case .a(let ref):
-            let targetSchema = try components.lookup(ref)
-            return try isOptional(targetSchema, components: components)
-        case .b(let schema): return try isOptional(schema, components: components)
+            return try isOptional(ref.jsonReference, components: components, cache: &cache)
+        case .b(let schema): return try isOptional(schema, components: components, cache: &cache)
+        }
+    }
+
+    /// Returns a Boolean value indicating whether the referenced schema is optional.
+    /// - Parameters:
+    ///   - schema: The reference to check.
+    ///   - components: The OpenAPI components for looking up references.
+    /// - Throws: An error if there's an issue while checking the schema.
+    /// - Returns: `true` if the schema is optional, `false` otherwise.
+    func isOptional(_ ref: JSONReference<JSONSchema>, components: OpenAPI.Components) throws -> Bool {
+        var cache = [JSONReference<JSONSchema>: Bool]()
+        return try isOptional(ref, components: components, cache: &cache)
+    }
+
+    /// Returns a Boolean value indicating whether the referenced schema is optional.
+    /// - Parameters:
+    ///   - schema: The reference to check.
+    ///   - components: The OpenAPI components for looking up references.
+    ///   - cache: Memoised optionality by reference.
+    /// - Throws: An error if there's an issue while checking the schema.
+    /// - Returns: `true` if the schema is optional, `false` otherwise.
+    func isOptional(_ ref: JSONReference<JSONSchema>, components: OpenAPI.Components, cache: inout [JSONReference<JSONSchema>: Bool]) throws -> Bool {
+        if let result = cache[ref] {
+            return result
+        }
+        let targetSchema = try components.lookup(ref)
+        cache[ref] = false // Pre-cache to treat directly recursive types as non-nullable.
+        let result = try isOptional(targetSchema, components: components, cache: &cache)
+        cache[ref] = result
+        return result
+    }
+
+    /// Returns a Boolean value indicating whether the schema is optional at the root of any references.
+    /// - Parameters:
+    ///   - schema: The reference to check.
+    ///   - components: The OpenAPI components for looking up references.
+    /// - Throws: An error if there's an issue while checking the schema.
+    /// - Returns: `true` if the schema is an optional root, `false` otherwise.
+    func isOptionalRoot(_ schema: JSONSchema, components: OpenAPI.Components) throws -> Bool {
+        let directlyOptional = schema.nullable || !schema.required
+        switch schema.value {
+        case .null(_):
+            return true
+        case .reference(let ref, _):
+            let indirectlyOptional = try isOptional(ref, components: components)
+            return directlyOptional && !indirectlyOptional
+        default:
+            return directlyOptional
+        }
+    }
+
+    /// Returns a Boolean value indicating whether the schema admits only explicit null values.
+    /// - Parameters:
+    ///   - schema: The schema to check.
+    /// - Returns: `true` if the schema admits only explicit null values, `false` otherwise.
+    func isNull(_ schema: JSONSchema) -> Bool {
+        switch schema.value {
+        case .null(_):
+            return true
+        case let .fragment(core):
+            return core.format.jsonType == .null
+        default:
+            return false
         }
     }
 
@@ -289,6 +382,7 @@ struct TypeMatcher {
     private static func _tryMatchBuiltinNonRecursive(for schema: JSONSchema.Schema) -> TypeUsage? {
         let typeName: TypeName
         switch schema {
+        case .null(_): typeName = TypeName.valueContainer
         case .boolean(_): typeName = .swift("Bool")
         case .number(let core, _):
             switch core.format {
@@ -331,7 +425,7 @@ struct TypeMatcher {
             // arrays are already recursed-into by _tryMatchTypeRecursive
             // so just return nil here
             return nil
-        case .reference, .not, .all, .any, .one, .null:
+        case .reference, .not, .all, .any, .one:
             // never built-in
             return nil
         }
diff --git a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/isSchemaSupported.swift b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/isSchemaSupported.swift
index e4735b0b..e1fb6cc0 100644
--- a/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/isSchemaSupported.swift
+++ b/Sources/_OpenAPIGeneratorCore/Translator/TypeAssignment/isSchemaSupported.swift
@@ -132,7 +132,7 @@ extension FileTranslator {
     func isSchemaSupported(_ schema: JSONSchema, referenceStack: inout ReferenceStack) throws -> IsSchemaSupportedResult
     {
         switch schema.value {
-        case .string, .integer, .number, .boolean,
+        case .null, .string, .integer, .number, .boolean,
             // We mark any object as supported, even if it
             // has unsupported properties.
             // The code responsible for emitting an object is
@@ -173,7 +173,7 @@ extension FileTranslator {
                 schemas.filter(\.isReference),
                 referenceStack: &referenceStack
             )
-        case .not, .null: return .unsupported(reason: .schemaType, schema: schema)
+        case .not: return .unsupported(reason: .schemaType, schema: schema)
         }
     }
 
diff --git a/Sources/swift-openapi-generator/Documentation.docc/Development/Handling-nullable-schemas.md b/Sources/swift-openapi-generator/Documentation.docc/Development/Handling-nullable-schemas.md
index 1fe8b4ea..0d0aa806 100644
--- a/Sources/swift-openapi-generator/Documentation.docc/Development/Handling-nullable-schemas.md
+++ b/Sources/swift-openapi-generator/Documentation.docc/Development/Handling-nullable-schemas.md
@@ -37,7 +37,7 @@ For example:
 
 ```yaml
 MyOptionalString:
-  type: [string, null]
+  type: [string, 'null']
 ```
 
 > The rule can be summarized as: `schema is optional := schema is nullable`, where being `nullable` is represented slightly differently between the two JSON Schema versions.
@@ -75,7 +75,7 @@ MyPerson:
     name:
       type: string
     age:
-      type: [integer, null]
+      type: [integer, 'null']
   required:
     - name
     - age # even though required, the nullability of the schema "wins"
diff --git a/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeAssigner.swift b/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeAssigner.swift
index c76ec4c5..c67e34d9 100644
--- a/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeAssigner.swift
+++ b/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeAssigner.swift
@@ -104,6 +104,27 @@ class Test_TypeAssigner: Test_Core {
         }
     }
 
+    func testTypeNameForReferenceProperties() throws {
+        let parent = TypeName(swiftKeyPath: ["MyType"])
+        let components: OpenAPI.Components = .init(schemas: [
+            "SomeString": .string(),
+            "MaybeString": .one(of: [.reference(.component(named: "SomeString")), .null()]),
+        ])
+        func assertTypeName(_ property: String, _ schema: JSONSchema, _ typeName: String, file: StaticString = #file, line: UInt = #line) throws {
+            let actual = try typeAssigner.typeUsage(
+                forObjectPropertyNamed: property,
+                withSchema: schema,
+                components: components,
+                inParent: parent
+            ).fullyQualifiedSwiftName
+            XCTAssertEqual(typeName, actual, file: file, line: line)
+        }
+        try assertTypeName("someString", .reference(.component(named: "SomeString")), "Components.Schemas.SomeString")
+        try assertTypeName("maybeString", .reference(.component(named: "MaybeString")), "Components.Schemas.MaybeString")
+        try assertTypeName("optionalSomeString", .reference(.component(named: "SomeString"), required: false), "Components.Schemas.SomeString?")
+        try assertTypeName("optionalMaybeString", .reference(.component(named: "MaybeString"), required: false), "Components.Schemas.MaybeString")
+    }
+
     func testContentSwiftName() throws {
         let nameMaker = makeTranslator().typeAssigner.contentSwiftName
         let cases: [(String, String)] = [
diff --git a/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeMatcher.swift b/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeMatcher.swift
index a7e0b8e3..3d937c9c 100644
--- a/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeMatcher.swift
+++ b/Tests/OpenAPIGeneratorCoreTests/Translator/TypeAssignment/Test_TypeMatcher.swift
@@ -216,6 +216,8 @@ final class Test_TypeMatcher: Test_Core {
     }
 
     static let optionalTestCases: [(JSONSchema, Bool)] = [
+        // Explicit null.
+        (.null(), true),
 
         // A required string.
         (.string, false), (.string(required: true, nullable: false), false),
@@ -227,10 +229,26 @@ final class Test_TypeMatcher: Test_Core {
         // A reference pointing to a required schema.
         (.reference(.component(named: "RequiredString")), false),
         (.reference(.component(named: "NullableString")), true),
+
+        // Unknown type.
+        (.fragment(), false),
+        (.fragment(nullable: true), true),
+
+        // References.
+        (.reference(.component(named: "List")), true),
+        (.reference(.component(named: "Loop")), false),
     ]
     func testOptionalSchemas() throws {
         let components = OpenAPI.Components(schemas: [
             "RequiredString": .string, "NullableString": .string(nullable: true),
+            // Singlely linked list where null is an empty list.
+            "List": .one(of: [
+                .null(),
+                .object(properties: ["next": .reference(.component(named: "List"),
+                                                        required: true)])]),
+            // A non-empty circular linked list.
+            "Loop": .object(properties: ["next": .reference(.component(named: "Loop"),
+                                                            required: true)]),
         ])
         for (schema, expectedIsOptional) in Self.optionalTestCases {
             let actualIsOptional = try typeMatcher.isOptional(schema, components: components)
diff --git a/Tests/OpenAPIGeneratorReferenceTests/Resources/Docs/petstore.yaml b/Tests/OpenAPIGeneratorReferenceTests/Resources/Docs/petstore.yaml
index ac8a417d..ecfe6c37 100644
--- a/Tests/OpenAPIGeneratorReferenceTests/Resources/Docs/petstore.yaml
+++ b/Tests/OpenAPIGeneratorReferenceTests/Resources/Docs/petstore.yaml
@@ -403,9 +403,9 @@ components:
       type: object
       properties:
         foo:
-          type: [array, null]
+          type: [array, 'null']
           items:
-            type: [string, null]
+            type: [string, 'null']
     CodeError:
       type: object
       properties:
diff --git a/Tests/OpenAPIGeneratorReferenceTests/SnippetBasedReferenceTests.swift b/Tests/OpenAPIGeneratorReferenceTests/SnippetBasedReferenceTests.swift
index 52ad3b82..02f8be7c 100644
--- a/Tests/OpenAPIGeneratorReferenceTests/SnippetBasedReferenceTests.swift
+++ b/Tests/OpenAPIGeneratorReferenceTests/SnippetBasedReferenceTests.swift
@@ -192,7 +192,7 @@ final class SnippetBasedReferenceTests: XCTestCase {
               StringArrayNullableItems:
                 type: array
                 items:
-                  type: [string, null]
+                  type: [string, 'null']
             """,
             """
             public enum Schemas {
@@ -213,7 +213,7 @@ final class SnippetBasedReferenceTests: XCTestCase {
                 items:
                   $ref: '#/components/schemas/NullableString'
               NullableString:
-                type: [string, null]
+                type: [string, 'null']
             """,
             """
             public enum Schemas {
@@ -224,6 +224,25 @@ final class SnippetBasedReferenceTests: XCTestCase {
         )
     }
 
+    func testComponentsSchemasNull() throws {
+        try self.assertSchemasTranslation(
+            """
+            schemas:
+              Null:
+                type: "null"
+              NullArray:
+                type: array
+                items:
+                  $ref: "#/components/schemas/Null"
+            """,
+            """
+            public enum Schemas {
+                public typealias Null = OpenAPIRuntime.OpenAPIValueContainer?
+                public typealias NullArray = [Components.Schemas.Null]
+            }
+            """)
+    }
+
     func testComponentsSchemasNullableStringProperty() throws {
         try self.assertSchemasTranslation(
             """
@@ -236,9 +255,9 @@ final class SnippetBasedReferenceTests: XCTestCase {
                   fooRequired:
                     type: string
                   fooOptionalNullable:
-                    type: [string, null]
+                    type: [string, 'null']
                   fooRequiredNullable:
-                    type: [string, null]
+                    type: [string, 'null']
 
                   fooOptionalArray:
                     type: array
@@ -249,30 +268,30 @@ final class SnippetBasedReferenceTests: XCTestCase {
                     items:
                       type: string
                   fooOptionalNullableArray:
-                    type: [array, null]
+                    type: [array, 'null']
                     items:
                       type: string
                   fooRequiredNullableArray:
-                    type: [array, null]
+                    type: [array, 'null']
                     items:
                       type: string
 
                   fooOptionalArrayOfNullableItems:
                     type: array
                     items:
-                      type: [string, null]
+                      type: [string, 'null']
                   fooRequiredArrayOfNullableItems:
                     type: array
                     items:
-                      type: [string, null]
+                      type: [string, 'null']
                   fooOptionalNullableArrayOfNullableItems:
-                    type: [array, null]
+                    type: [array, 'null']
                     items:
-                      type: [string, null]
+                      type: [string, 'null']
                   fooRequiredNullableArrayOfNullableItems:
-                    type: [array, null]
+                    type: [array, 'null']
                     items:
-                      type: [string, null]
+                      type: [string, 'null']
                 required:
                   - fooRequired
                   - fooRequiredNullable
@@ -480,7 +499,7 @@ final class SnippetBasedReferenceTests: XCTestCase {
               MyRequiredString:
                 type: string
               MyNullableString:
-                type: [string, null]
+                type: [string, 'null']
               MyObject:
                 type: object
                 properties:
@@ -501,17 +520,17 @@ final class SnippetBasedReferenceTests: XCTestCase {
             """
             public enum Schemas {
                 public typealias MyRequiredString = Swift.String
-                public typealias MyNullableString = Swift.String
+                public typealias MyNullableString = Swift.String?
                 public struct MyObject: Codable, Hashable, Sendable {
                     public var id: Swift.Int64
                     public var alias: Swift.String?
                     public var requiredString: Components.Schemas.MyRequiredString
-                    public var nullableString: Components.Schemas.MyNullableString?
+                    public var nullableString: Components.Schemas.MyNullableString
                     public init(
                         id: Swift.Int64,
                         alias: Swift.String? = nil,
                         requiredString: Components.Schemas.MyRequiredString,
-                        nullableString: Components.Schemas.MyNullableString? = nil
+                        nullableString: Components.Schemas.MyNullableString
                     ) {
                         self.id = id
                         self.alias = alias
@@ -1742,6 +1761,31 @@ final class SnippetBasedReferenceTests: XCTestCase {
         )
     }
 
+    func testOneOfRefOrNull() throws {
+        try self.assertSchemasTranslation(
+            """
+            schemas:
+              SomeString:
+                type: string
+              NullableRef:
+                oneOf:
+                  - $ref: '#/components/schemas/SomeString'
+                  - type: 'null'
+              ArrayOfNullableRefs:
+                type: array
+                items:
+                  $ref: '#/components/schemas/NullableRef'
+            """,
+            """
+            public enum Schemas {
+                public typealias SomeString = Swift.String
+                public typealias NullableRef = Components.Schemas.SomeString?
+                public typealias ArrayOfNullableRefs = [Components.Schemas.NullableRef]
+            }
+            """
+        )
+    }
+
     func testComponentsResponsesResponseNoBody() throws {
         try self.assertResponsesTranslation(
             """
@@ -2673,7 +2717,7 @@ final class SnippetBasedReferenceTests: XCTestCase {
                   content:
                     application/json:
                       schema:
-                        type: [string, null]
+                        type: [string, 'null']
                 responses:
                   default:
                     description: Response
@@ -2829,7 +2873,7 @@ final class SnippetBasedReferenceTests: XCTestCase {
                   content:
                     application/json:
                       schema:
-                        type: [string, null]
+                        type: [string, 'null']
                 responses:
                   default:
                     description: Response