For what its worth.
I too chased that demon that was putting water in my oil, replaced gaskets and tried a different head , still got water in the oil, mainly the dipstick would be milky but not the oil in the pan.Upon removing the valve cover I found the inside to have a milky film near the breather. All this time the level in the rad remained constant .
I was stumped until I spoke to a older timer then Myself who suggested I remove the crank case ventilating tube and peek in side to see if it was blocked. Lo and behold it was caked with years of built up stuff that wouldn't even allow liquids through. I soaked it in degreasser , then put it back on when cleaned out .
When I started the engine I noticed right away that there was some smoke exiting the tube for the first time since I owned it , After a few minutes of running I noticed water dripping out the tube which I suspect was condensation which was trapped in side when the tube was blocked and tried to find its way out in the via the dipstick and breather cap.
I've only managed a few hundred miles since then , but the engine has gone through the warming up and cooling down cycles numerous times since then with no evidence of water showing up other then what drips out the tube until the engine warms up.
I'm optimistic this demon will be put to rest and there will be others to chase next season.
