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It would most likely be the head gasket as there is water in the oil. The rings would lose compression.

Probably head gasket or cracked head or block.

Most likely the head gasket. For sure not the rings. If you have aluminum head and the engine has been overheated, then a cracked head is likely. Also there are some weird engines are out there. IE some of the GM Quad Four engines have a water pump that is driven by the timing chain. If the seal goes bad in that pump, then water will leak directly into the engine. btw, that particular water pump is probably the worst and hardest water pump replacement job known to cars.

Good Luck Rick

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Q: If an oil-water mix is flowing out of the dipstick would it be caused by a head gasket or rings?
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