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Mercrusier 1989 30 Liter Water in oil

I noticed water getting in my

I noticed water getting in my oil. Doesnt seem to be leaking oil and preassure is good. I changed oil today and found it milky tan colored. I changed oil and filter ran boat in yard with hose hooked to it .When i checked dip stick it was the same thing tan. No oil in bilage or on engine. I am guessing its either the head gasket or maybe exaust manifold gasket.My riser was very rusted and i changed it out wonder if the exaust manifold could of rusted inside letting the water in.
 
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