Water in engine oil

I just discovered water in the engine oil. It looks like light colored chocolate milk. Don't know whether it just happened or if it has been run for a while like that. It's a 1991 Ford 351 that is otherwise in mint condition and runs perfectly. I doubt it's a cracked block or damaged head gasket. I just discovered that the sump pump was disconnected and water was in the hull up past the oil pan so it could have gotten that way.

What can I do to correct this? Can I simply drain the oil and replace it a couple of times with new oil or does this mean a comp!ete engine teardown?

Thanks for your consideration.

You may want to check your transmission fluid also. If the water was high enough to enter the engine, the transmission may also have ingested some water.

Like KENO mentioned, a few oil changes should work. I would consider 3 oil changes to get all the water out. You don't need premium filters or synthetic oil on the first couple of changes -- just on the last one...

JQ