Smoke
I get very light smoke out of the breather( no pcv system), but if I take off the cover and look in even if I take out the tint that clean Mobil 1 gives, it still doesn't look yellowish.
Unless the oil gets watery again after you change this oil or if you have a really sweet smell, I'd say it's about normal.
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If it's a continuing issue the source must be fixed. After a heads and cam deal money's probably tight. If you can spare the $50 for a filter/oil swap it's worth it. If you find water after the change you've got some more work to do.
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Thing that sucks is I had changed the oil about 500 miles before all of this crap. After the swap I had drained the oil and it didn't appear to have any water in it. So I just put it back in. Now I have had my car at a shop for 1 week for a battery problem. So they have started it several times without letting it get to operating temps. I have heard that this can cause the oil fill cap to have the yellow stuff due to the engine not getting hot enough to burn off the condensation. So that might be it. I'll drive it around a day or two more and see if it goes away. If you have water on the oil dip stick now that is a sign of water from coolant system leak, fix asap or you got your self and rebuild coming.

