water in oil

Due to $ problems my dart was parked all summer. I drove it into the shop and dropped the oil, it was milky looking. Pulled the valve covers and there was white milky sludge all over. It was the same thing when I pulled it out of storage this spring. Is this condensation or do I have a leak? I run E85 could this cause a condensation problem? If it was a water leak shouldn't the sludge be green and smell like antifreeze?