Agreed I’d probably change the oil & put a sample of what came out in a clear container, let it sit & see if you find a layer of water on the bottom. Also look for a mayo appearing emulsion under the valve cover(s). Both are evidence of a lot of water in the oil. If not if it’s only a little then make sure the thermostat is not sticking open, cold running can cause the water vapor normally produced to not burn off. But if it’s a lot, causes could be a leaking head gasket (on these often caused by corrosion of the sealing surfaces on the block and/or heads) , a cracked head or a hole rotted thru a cyl head or block.
