No milkey oil. That is generally caused from a condition called intermix. That is when you have coolant mixing with your oil. Not good. You will get telltale fish eye looking pitting on your internal bearings. Generally this is the result of a leaking head gasket. I would not run it with this condition. Your lubrication is greatly reduced due to basically having water mixed in your oil. It is almost always a blown or leaking head gasket. On some extreme conditions there can be a cracked block or coolant passages within the engine. Those are not good conditions. Do not run it without correcting this problem.