ClearAll[Tokenize]
Tokenize[str_String, escape_String : "^", sep_String : "|"] :=
 Module[{results = {}, token = "", state = 0, a},
  a = Characters[str];
  Do[
   If[state == 0,
    Switch[c,
     escape,
     state = 1
     ,
     sep,
     AppendTo[results, token];
     token = "";
     ,
     _,
     token = token <> c;
     ]
    ,
    If[state == 1,
     token = token <> c;
     state = 0;
     ]
    ]

   ,
   {c, a}
   ];
  AppendTo[results, token];
  results
 ]
Tokenize["one^|uno||three^^^^|four^^^|^cuatro|"]