We have a 2005 GT with 10,000 miles. When we drained the oil, it looked like chocolate milk. The water levels of the engine are normal. Car is driven very little so we don't really know what we have with this strange oil. We did not have this problem at the 5000 mile service. Any info would be wonderful. Thanks
Tom, you have every right to be concerned. I don't think that needs to be a lot of water in the system to cause this, but more water than would be introduced through condensation. Unattended, this could be a catastrophe so, once again, kudos for you for soliciting help.
My first suspect would be the engine oil cooler which physically is just below the oil filter housing but probably best viewed with the mid-pan removed. On some of the early 2005 cars, the oil cooler sometimes developed an external leak. Look for any evidence of this - and don't mistake any oil that could have dripped from a recent filter change as genuinely coming from the cooler. I suspect that on the car that you are looking at, there could be an internal leak. The oil cooler uses the engine water lines to carry heat away and a small, pinhole leak could have developed allowing water to enter the oil. It is a high suspect for me because if the engine is otherwise running normally, I wouldn't suspect heads or head gaskets and the oil cooler is the closest point they reside together. Couple this with the fact that the enginge has been more than bulletproof, and the oil cooler becomes a prime candidate.
I urge you to be very cautious with the situation - as it looks like you already are. After a fresh oil change, I would do another oil inspection in less than 100 miles. If the oil is once again milky, I honestly would replace the oil cooler next. Not a sure thing, but I would make that bet.
Good luck to you sir, and please let us know what you find. (Also, you can PM me for my cell number as I would be more than happy to discuss this diagnosis.)