850 water in oil ...please hold the mayo

I would change the oil, drive it some more and see if it comes back. When I bought my 740 the oil looked like this, I figured at such high mileage it was due for an engine swap anyway so I drove it a bit and the problem went away and has never come back, I did find that the o-ring on the dipstick was missing so maybe condensation got in that way, I'll never know. Are you getting any oil in the coolant reservoir?

Condensation will do that if you live where such things happen. Skins over the top of the oil but when you pull the stick, it's completely covered below the full line because everything under the oil has to pass through the skin on it's way out. Get your stick all rusty too. You use your car for lots of really short trips? Like James says, drain it and see for sure.

I would mark the coolant resivour with a pen and watch it carefully. Change engine oil and get flouescent dye you put in the cooling system to see if its a head gasket. a Stop leak product might help but who knows. Is it city short trip or hwy driven, is coolant 50/50 antifreeze, is temp high when running, maybe a bad thermostat. It sounds bad you need to find the cause quickly.

Yes, change the oil and see what happens. It may be a temporary build- up of condensation.

Yes, change the oil and see what happens. It may be a temporary build- up of condensation.