2000 yam 115 water in oil

[kellogs57]

2000 yamaha 115 compression good (165)all four cyl.pulled cap screw plugs while runnig on cyl no water or steam visible.oil becomes milky after couple of hours use.not that familiar with outboards.my only thought now is cracked cyl below compression area.???any and all ideas most gratefuly accepted .thank you

[boats.net]

Check head gasket, oil pan gaskets, exhaust cover gaskets, have head pressure tested for leaks.