Yes, "mayonaise". Its a water/oil emulsion. I notice it in the winter on the dipstick plug of my 550's, too. It takes a long, long run to heat the engine AND trans enough to vaporize internal condensation during the winter rainy season. And, a plugged/ restricted breather filter doesn't help at all.
Just to add some fright to your day, I feel it is necessary to add that water in the oil is a very bad thing. Water instigates the formation of amino acids, which as you might guess from the acid reference, will actually begin to dissolve metal bits inside the engine, such as bearings and what not.
Sleep well campers!