I was about to post something on this very subject.
My 2 year-old Honda Harmony mower showed milky (looks like coffee with cream) oil after I ran it for a few minutes to get the cobwebs out for the start of the season. It is possible that some moisture got into the oil fill as the machine was left out during some rain and the cover/dipstick was off. (Don't ask!!!)
I have changed the oil a couple of times after running the engine for 5 mintues or so, trying to get the fresh oil to stay clear. That doesn't seem to be helping. What should I do and what are the consequences of this? Will the engine seize on me? Will it overheat? Am I doing permanent damage?
Thanks for any help on this.