i would do:

run engine till up to operating temp
drain oil and oil filter
let drain for a few days if you can
refill.
run and if you get water in oil i am afraid you will have to pull the head and look for a cracked block.
you could drop oil pan and look for crcks but that is more time consuming. (IMHO)
 
Try the simple thing first.....put a bottle of Irontite or something similar into the rad, but do follow the instructions carefully.
Sam
 
with fingers crossed it may be the head gasket with little money involved just time for the repair.
 
Yeah, water in the oil is more ...omminus? than oil in water. I do that by accident all the time, grabbing the wrong funnel, using an oily jug to drain antifreeze into... So I have to ask..how much oil? Good easy start is to just drain it all into a CLEAN pan...let it settle, and do detective work from there. Like mentioned here earlier, might be a time to also drain the oil- into a clean DRY pan... and look for water that settles on the bottom. And as mentioned... let it drain out for a day or two if possible, with a small dry pan under the drain hole...if water or antifreeze is dribbling down over/after a couple days...THEN you have a problem... along with nearly every other Z129 out here...
 
Yes, much better, far less likely to crack between the webs. I'm interested to see what you find out about it. good luck.
 

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