water in oil?
A. You have been driving your car on short trips in cool weather, resulting in a builtup of moisture in the oil cap.
B. Your PCV system is not functioning properly, causing blowby gasses and oil sludge to build up in your crankcase.
C. You have a blown head gasket. Check the dipstick and see if you have the same sludge like deposits on it as well.
As stated, start simple. PCV may not be working correctly, short trips, too cool a thermostat, etc. My wife's BMW will build some crud under the oil cap in the winter because she has a short drive to work.
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