Water in Oil 2000 DF50

[Tri-State Dive Services]

I recently pulled my skiff out of the water because i had a slight oil sheen on the water while the motor was idling. I checked the dipstick and the oil was milky and a little bubbly. I did a compression test and was reading 161-170 on all three cylinders. upon looking at the outboard i noticed watery oil in the intake silencer probly from overflowing. All the plugs look normal and the engine runs great.
I know this is a common problem with these but where should i start to look for the water source?