If this is the only emulsified oil visible, don't worry to much. This is condensation that has not evaporated away due to prolonged low engine temp. If the engine does not reach operating temp on a regular basis, you get this condensation building up and causing the milky oil. Check for coolant loss to be on the safe side, but if you only do short runs, you will get this happening. Ask you mechanic to flush the system out, and try to get a few longer runs in, your exhaust system will benefit as well.