oil in water??

[karl]

after breaking in my cam on the 350 i drained the oil and it looked normal. i fired it back up after installing the exhaust and checked the oil and it looked milky. the temp was 185 and the oil pressure around 60. i thought a blown head gasket but they were alright. i took the block in and had it pressure tested for cracks. they said the block was alright. what other things would cause this problem? intake manifold leak? or...?? heads are rebuilt heavy cast heads and check out alright also.