We study the propagation of orientation waves in a director field with rotational
inertia and potential energy given by the Oseen-Frank energy functional from the continuum
theory of nematic liquid crystals. There are two types of waves, which we call splay and
twist waves. Weakly nonlinear splay waves are described by the quadratically nonlinear
Hunter-Saxton equation. Here, we show that weakly nonlinear twist waves are described by a
new cubically nonlinear, completely integrable asymptotic equation. This equation provides
a surprising representation of the Hunter-Saxton equation as an advection equation. There
is an analogous representation of the Camassa-Holm equation. We use the asymptotic equation
to analyze a one-dimensional initial value problem for the director-field equations with
twist-wave initial data.