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I have an F-100 with the 300 straight 6 engine. When I pull the dip stick it shows sign of moisture. A little bit of the oil is milky/grey but most of the oil on the dip stick looks fine. I have also noticed some moisture under the breather/oil cap on the valve cover. When I first notice this I did an oil change thinking the head was cracked and antifreeze was the issue but all of the oil looked fine when I drained it. Sooo I'm confused and want to correct the problem so I don't damage the engine!
I've had this problem in my race engines when I don't have my shop stay warm over night then heat it up while I'm working. Condensation forms, since it has a breather I've found the moisture forms in the valve covers and that could be what it is.
That is common to see, especially this time of year in cold climates and short trips. Make sure the truck has a working thermostat and drive the truck an hour or so to boil the moisture out of the engine. You may have to partially cover the radiator to get the engine to temperature.
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