emulsion in engine oil

Hi I have found some worrying white emulsion in my series IIa petrol engine oil. There is not significant water nor oil loss nor is there any oil in the radiator water, so I am hoping it is not a disaster. Is it true that it might just be condensation in the cold weather ? It is in the top of the breather tube and under the rocker cover...
many thanks Harry

yup

it's ok

ther was a fred on this a bit ago - seemed everyone else had similar. Mines in the filler tube thing but not in the rocker cover.

welcome to LZ

yep common for them , mine used to do it and so did my bro's , give the old girl a good warming up .