I agree. I freaked out a couple of years ago when I popped the filler cap off my wife's 4.6L Mustang engine and found the same thing. Looked horrible in there. One good, hot run up the interstate, though, and it all disappeared.
If you have an
oil cooler, your
oil may not be getting up to temp to burn the moisture off.
There are several threads here that discuss the pros/cons of our
oil coolers, and the consensus is we probably don't need one unless actually racing, which few do. Food for thought.