2003 SUZUKI 140 4 STROKE MILKY OIL

[GBat]

2003 df 140 HAS 280 HOURS, mostly salt water, always trailered and flushed. OIL GETS WATER IN IT. Compression tests 185 to 190 in all cylinders. I removed oil cooler and bypassed cooling line. New thermostat installed. No change. What's my next step? Head Gasket or corrosion somewhere else?