I would pull the drain plug just part way out (after it has set unused for a day or two) to see if antiferrze comes out first. If it is antifreeze, it needs repair. If it is not antifreeze, and just plain water, there may be condensed water in the oil from winter use, or water down the exhaust, or a loose manifold to exhaust pipe. If so, changing the oil and filter will fix it right up. If antifreeze, a possible spot is the bottom of the cylinder sleeves. There is an "O"ring there that has a nasty habit of leaking after 50 years or so. JimN
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