I'm not convinced that condensation was not responsible.
It's pretty unlikely that condensation is NOT the "culprit".
There's simply not enough volume in the crankcase to produce enough liquid water to cause a visible emulsion. Have a look at the following link concerning condensation in fuel tanks......... pay particular attention to the volume mentioned and how much actual water vapor the air in that volume could hold under ideal conditions.
http://www.yachtsurvey.com/myth_of_condensation_in_fuel_tanks.htm
The article speaks to fuel tanks but it really relates to a volume of air in any type of container.
Some years ago, my formerly installed OMG 460 King Kobra had riser gasket leaks on one or both sides.
Everytime I shut it down, a small amount of water would leak past the gasket, run into an open exhaust valve and into a combustion chamber.
Then if I tried to re-start the engine within 5-10 min of shutdown it would hydrolock briefly. After a couple of tries it would start and run normally.
If I let it sit for longer (30+ min), it would start normally with no problem. (After around 30 min, enough water would leak right past the rings to allow it to crank normally)
Even that amount of water never caused a visible emulsion ("milkshake") and if I ran it a lot during the day most or all the water would evaporate out.
I would say that you should carefully inspect your manifolds and possibly pressure check your cooling system to rule out block/head cracks and/or other gasket leaks.
Regards,
Rick