Water in the oil

I have a 40 model R that get used nearly every day. Today I could smell antifreeze so I got to looking it over. My antifreeze had some what looked like foam in it and the oil was milky and above the full mark. Where should I start looking for the leak? Is there a most likely problem spot? I thought these motors were bullet proof. I guess after 72 years with out a compleet tare down she was due.
 
The water pump in an R is not in the timing cover like it is on the bigger engines, So I don't see how that would cause water in the oil.

Its either the head gasket or a crack/pinhole somewhere. Hope its the gasket. I have seen one block the cracked above the piston (Think it froze) and have a 206 power unit that has a crack in one of the exhaust ports.(really blew water the one time I had it running.) Another place to look is behind the rocker arms.
 

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