Opinions please. Its a gem 4.6 p38 with 149k on the clock. Its been off the road for 18 months but was running perfectly when sorn'd. Been moved occasionally and always started and ran perfectly. Its never run hot, used water or shown any signs of a problem in the past. I'm just recomissioning it and tidying things up and discovered that the oil looks like it has water in it. Definitely mayonnaisey. No trace of oil in the water and the coolant level certainly hasn't dropped significantly, if at all. Just done a compression test and the results are LH - 172/178/178/175 RH - 170/170/175/175.
Any ideas where the water may have got in? Do I just do an oil change and see what happens?
Thanks for your input.

could be condensation

trax said:

could be condensation

Click to expand...

Yes I would agree there compression test looks good after that long laid up you defo need to change the oil out I get it with some of my bikes I don't use to often . new oil n filter get it run up to temp and get driving it its also poss the valley gasket has failed

Yup just condensation. All bmws ive had did the same and fords ive had. Never had hg issues but they had mayonnaisy oil caps in winter.

Thanks for the replies. You 've all concurred with my own thoughts. I've just never seen quite so much oil in the water with condensation, but then, it has sat outside the whole time. I did wonder about the valley gasket too, though it looks ok on quick inspection. I've drained the oil so it'll be a filter change and fresh refill and see what happens.
I have to say, I'm amazed at how well everything else has weathered. One exhaust clamp rusted through (aftermarket cheapo, obviously!). New rear discs and pads needed. Complete brake fluid flush and all else working perfectly. My air bag fault hasn't magically disappeared though.... I suspect the column connections.