Ok guys so I bought an 87 GXL back in January and it had no dipstick (didnt notice till I got it home). So today I finally got one and decided to check the oil. After running the engine for a couple minutes I pulled out the dipstick to see lots of what apprears to be water condensation n the disptick. The oil itself looks pretty normal, it. black or brown not milky at all. Just wondered if its normal for this to happen. Thanks for your help.
PK

 

You likely trapped moist ambient air in the oil pan by leaving it open to the atmosphere for so long. Also, water is a byproduct of normal combustion. Acid also can build up in the oil if the car sits for any length of time. Best thing to do for either is to change the oil, then take it out (with the dipstick in!), get it up to temperature and run it for a steady 1 hr minimum trip. That should eliminate the water and acid.

If it doesn't, check for leaking coolant seals (exhaust byproducts in coolant, test at any radiator shop).

 

it is normal..
look up Lung butter or Lung Mustard.
What it is,is the Engine heats up and cools down and creates moisture.It gets trapped at the top of the Oil cap and creates that nice Goo..

 

Thanks for your help guys. Calms the nerves a bit.
PK