Mercruiser 140 i/o model 2770087 (1968-72). Milky oil came pissing out the gasket of the valve cover out on the lake (apparently the valve cover gasket is bad) but I don't understand the milky oil because the dipstick was totally clean, just low obviously. How can this be that the oil in the pan is clean but the stuff it squired out is water contaminated? That was a couple of days ago and I have checked it again since just to be sure it didn't just take a minute for it to settle lower....oil still clean.