The motor ran for just a few minutes as I was trying to break in the new cam. The entire motor has been out of the car on an engine stand and just went back in last weekend. While it was out of the car it was stripped down, completely cleaned/honed, heads magnafluxed and valve jobed, etc.... I went through and replaced every "consumable" part so that the engine is like new. With that being said, I do not believe that it is condensation as the motor was just sealed up and filled with fluids the night before I started it up. One night should not be enough time for condensation to build up enough to turn the oil milky. If that were the case, our cars would have milky oil every time we start them on a cool morning.