Small amounts of water condensation within an engine is completely normal. Water can get into the engine through humidity in the air, or EGR (especially cooled EGR systems). Under normal operating conditions the oil will get warm enough to evaporate the water out, which is why overcooling your oil or engine is just as bad as overheating it. I'm not sure about our engines but there are some out there that even use an oil thermostat. Water condensation in oil causes a milky almost mayonaise emulsion to form in certains areas of the engine mentioned above such as dipstick tube, oil fill cap, high/colder crevises of the valve covers etc. Short trips with incomplete oil warm ups can cause it, but a long heat soaking trip can reverse it. It's not really a big deal unless it is more than just water - See Dparms concerns.
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