Two oil changes should have gotten most of the water out unless there was water in the filter. The rest of the water should evaporate with use. I will usually let them warm up a few minutes and then drain the oil.
I have heard water in oil will ruin car engine bearings.
If the case is sealed, then it is probably condensation. If the dipstick is missing, then oil would be flying out the dipstick tube.
Ford trucks are known to get a milky white slime on the oil fill cap if you only drive it a few minutes at a time.
Are you sure it isn't leaking watered down gas in the engine thru the carb or fuel pump?