The detergent/dispersant will hold the water in suspension creating a milky white mayonaise like substance on the bottom of the oil filler cap when the oil isn't getting warmed up enough.
When the engine is hot, the oil will eventually pass through the piston rings, the hottest part of the engine's lubrication system, and evaporate the moisture out of the oil.
A blown head gasket which lets enough water get in the oil will eventually turn the oil milky white.
Try to drive the car at leat 10 miles once a week in the cold winter months to get the oil warmed up.
I first noticed the white crud on my Porsche 911 engine's oil cap during the winter after driving only 7/10 mile from home to work week after week . . . with a 14 quart dry sump system. Obviously the oil was never even starting to get warm.
Pete Cowper
1987 Mercedes-Benz 300E
1974 Porsche 911S
1962 VW Convertible
1960 Austin-Healey 3000