Grey oil was often the color of the lead deposits from burning highly leaded fuels of decades past. Lead is in the blowby, gets into the oil, and gets suspended in the oil by the detergents and dispersants in the ooil formulation. However, it is unlikely that your oil is that old, but avgas is still leaded. Was the PO accessing an airport?
Sadly, another source of grey is finely divided aluminum. The means that something like an aluminum bearing is wearing catastrophically.
Change the oil and monitor things closely.