I have well had a 95 mustang gt with 150000 miles on it. Well I sold it to my dad (wanted to give it to him but he wouldn't do that). Anyways last time I changed the oil I hadn't started the car in about 2 weeks wll I drained all the oil out into oneof thoughs new type oil pan/contaner things(holds light 15 quarts or something) anyways I just felt like wiping off the dipstick...when I pulled it out it had rust on it.....Oh crap! never done that before! I wanted to check the oil that came out but you can't see the oil after you had drained it into one of thoughs things and I couldn't pour it out in another pan to look at it cause it already had an earlier oil change in it. I called dad he was kind of worried I guess you could say and he said that sometimes if they arn't started in a while they can rust some on the dipstick and everything is ok. well I changed the oil and I was ok. checked the oil again, everything seemd fine. My wife (pregnant wants a new momy mobil OK, I have an ole hot rod truck I pittle with so I decided to sell my car to dad and drive her old civic and save some gas(plus the car stays in the family) Anyways Dad doesn't drive the car for a few days and when I visit he asked me if I had checked the oil since the oil change and some miles were put on it...no I'll go check it now...Oh crap same situiation rust and alittle milky looking spot(very little) at the end of the dipstick but no bubbles like if there were water in the oil. My dad checks it and he thinks ther might be some gas in the oil but not for sure....crap that figures I sell the car to my dad and the engine does this this suck what do you guys think is wrong with the motor.

 

More than likley just condensation,fill with oil run it and check it. Check water see if you are losing water. try pressuring up the water system,see if the oil level comes up. If it has gas in it should be able to smell it.

 

drain the oil a bit after it sets a while as any water will be on the bottom. I'd also run a pressure check on the cooling system...if it's sealed your looking good.