'96 Bronco w/ 351. (5.8L) I know diagnosing a problem "on line" is next to impossible . . . but it don't hurt to ask.
My son tells me there is oil in the antifreeze, but no antifreeze in the oil. Crankcase oil is not milkshaky. But the antifreeze is discolored.
Any ideas as to what this could be would be very helpful. Or even what tests a guy could run to analyze the problem.

 

Is it engine oil or could it be atf? I'd imagine a broken radiator could result in atf in the coolant.
More probable though would be engine oil due to a broken head gasket. In this case the engines compression tends to push oil out in the coolant, but not let any water go the other way. This will often, but not always be visable from a compression test. In the case of a leak between the watermantle and the oil channels you will get oil in the water only becouse oil pressure should be higher, and water doesn't climb well in oil.
A broken gasket behind the timing gears will usually put oil in the coolant.

Another possibility would be that it's not oil at all. Rust etc will also discolor the coolant.