Check your coolant. Typically milky oil is a sign of a bad head gasket.
How do you know the gasket is not bad? f you oil is milky then there is moisture mixed with the oil. This can be a blown head gasket or a warped or cracked head.
The oil being milky is caused from water getting into it, if I remember right that sounds like a bad head gasket
milky oil is caused by water and antifreeze contamintaion, you have a bad head gasket. replace both headgaskets
loss of compression, loss of power, oil is "milky"
"Butterscotch" oil means water in the oil - cracked head or bad head gasket
White smoke at startup, loss of anti freeze and milky oil indicates to me a bad head gasket.
A cracked radiator will NOT put water in the engine and make the oil milky. A bad head gasket WILL put water in the engine and make the oil look milky. That does not neccessarily mean you have a bad engine. Have someone fix or replace the radiator and replace the head gasket. It could be a good engine for a long time yet
Milky means one thing, water in the oil! Generally this means coolant from the engine is getting into the trans usually through the oil cooler in the radiator. This is very very bad and will quickly ruin the transmission.
Overheating is usually caused by a bad head gasket. Check under the radiator cap for oil or milky reside. Check under the oil cap for water or white milky residue.
Milky anti-freeze is usually an indication that motor oil is getting into the cooling system, probably through a bad head gasket or a cracked block or head.
You would eventually find water in the oil, or it would look milky compared to normal oil.