water in oil

[Clark Rodgers]

Jay,
You said the motor was rebuilt, what was done to the heads? The reason I ask is you might just have a small crack in one or maybe the water is leaking by a bolt that seals a passage. I know you said you are not adding water or oil but it has to be coming from somewhere.
Your engine breathing will not create the problem you are having, I know this sounds bad but you are going to need to pull the heads and see if there is something that looks amiss.
Look beyond the gaskets, like the little metal transfer tubes that go between the heads and the block.

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69 351W Sportsroof deluxe