Looks like brown mayo, right? That would be an emulsion of oil and water.
You aren't getting the oil hot enough to vaporize/boil off the water that is condensing in the engine/tank.
If you have an oil cooler, better block off air flow over it. This is one reason why they need a thermostat, other wise the oil can't get to operating temp and one that will boil off the water.
Anyway, you need to run the bike long enough to get the entire engine unit hot, about 15-20 minutes after the engine has reached full operating temperature. Even then, in very cold weather it can be a real challenge to get an air cooled motor hot and maintain it until all the water condensed in the engine will evaporate.
Of course, the next time the engine cools down, condensation forms inside all over again. Short trips will just allow the water accumulation to increase. The water, you might wonder comes right out of the humidity in the air. The process is the same as when water condenses on the outside of your cold beer glass.