Hi,
Have you removed the oil pressure switch to see if it's full of "milkshake"?
While it's out you can spin the engine with the kill switch activated and see what comes out of the passage. You will want to see clean oil come from there. It is also a good place to connect a mechanical gauge for testing purposes. Clean oil and a small pressure increase while cranking will indicate that you have flow and that it may be safe to start the engine. Then, you can monitor the pressure at idle and see the increase as the rpms are raised.
When water mixes with oil it makes a thick, milkshake looking "goo" that doesn't flow as easily as either oil or water. It can clog up the small drillings in the crank shaft that feed the bearings.
Hopefully that goo isn't plastered across the face of the oil pick up screen and keeping the pump from priming. You may need to do an engine "flush" if that's the case. There are products at auto parts stores for flushing your crankcase. Try to avoid any further running of the engine until you KNOW there is oil pressure.
I would also remove the valve cover and make certain that the camshaft and rockers are clean and the oil return in the head is clear.
Sorry you're having trouble.