Stag v8 Head Gasket blown?

Nothing to do with my Land Rover but I know you guys know your cars so I thought you maybe able to help.

I went to look at a Stag for sale today and amongst other faults I noticed when removing the oil filler cap on the rocker cover white creamy thick stuff. Does this mean the cylinder head has gone as the guy selling the car assures me it hasn't it's just because it has been standing for 5 years and its condensation. Is this possible and how can I be sure what it is? The engine made a ticking sound also from one side of the engine, not sure if this is related.
Thanks for any advice in advance...

That white creamy stuff or mayo as I call it.
It can be a result if using poor quality oil and very short journeys or as in this case he's started the engine but not let it run for long and not letting the engine reach temp.

Check the coolant water for any oil and if it smells different that should give you a clue if the head gaskets are gone.

stag or rover v8??stag v8n prone to head gasket faults due to poor maintence of cooling system..ie they over heat, but not the engines fault but the cooling system..