My question is, does "gas in oil" look just like "water in oil"? I've been breaking in the recently rebuilt 455 in my Cutlass. After I had let it run for a while the other day, my dad told me to cut it off and check my fluids. My oil was milky colored like water was in it. I had no leaks anywhere, so I drained it all out and noticed it smelled like gas. So after it had all ran out, I changed the filter and refilled it w/new oil. After letting the car run for a while, I cut it off and checked the oil again. It was the same way again. What do you think it may be, water or gas mixing w/the oil? And what may be causing this?