Water in my oil

In January of the this year I found two jeeps, a cj5 and a cj6. I've been working on the cj5 trying to get it in running order. Finally I got the carburator sorted out and running smoothly, so I took the jeep for an extended test ride (not just around the block) and when I came home I started to look over things to see if there were any problems. One of the items I checked was the oil. I found obvious signs that water was mixing in with the oil. A few months ago I had the head rebuilt, so I feel pretty good that I didn't screw up the head gasket. Am I correct to assume that I have a cracked block? Is there anything else I can check for?
I was going to sell the cj5 if it checked out ok and build up the cj6, now I think I'm going to have to sell the cj6 and rebuild the cj5. I like the cj5, especially since it's a 1955 (first year of the cj5), but the cj6 would have been a real special project.

 

It is very common, and "normal," for F-heads to accumulate a sort of chocolate pudding in the oil filler/vent tube. That is usually due to condensation from short drive times, etc.

 

After replacing the head gasket in my '53 3A, there was some evidence of water in the oil that showed up on the dipstick, but when i changed the oil, no signs of water were present. I came to the conclusion that since water got everywhere when i pulled the head, some must have gotten in some oil galleys. I would change the oil and see if there is indeed a lot of water, or if it is just some left over water from when you pulled the head.

 

Thanks all for your reply. It looks like I should do some further investigation. I assumed it was dooms day. I intend to sell this jeep and I don't want to sell something that is broken.

 

After all the good advice I received here, I checked things out only to find out that I was overreacting to the very little moisture I saw in the oil fill/dipstick tube. I checked the antifreeze and it looked brand new. I also checked the oil and it looked like I just poured it in. Geeze, I need to relax a little. I thought the antifreeze looked brown the day I discovered the milky stuff on the dip stick, it must have been the cloudy sky and crappy light.
Now I can move forward and continue restoring this thing.

 

That's great news! Always good to hear. Just for future reference if you put what engine, transmission, transfer case, whatever you're working on you are more likely to get much more help. Lots of people won't reply if they have to guess what you have.

 

Thanks for the advice, I'll try that out.