Emulsified oil in filler pipe

[colinw]

Just checking over the car fluid levels etc today and even though the oil on dip stick for the engine oil looks OK to my dismay I found that when I removed the engine oil filler cap there was a nice( !) show of emulsified oil all the way down the filler pipe.  There is no evidence of oil in the coolant nor as I say emulsified oil on the dip stick. The radiator coolant level looks OK but I did see some water puddles (small) on top of the engine below the pipe to the water pump.  Not sure about the interaction of the breather pipe which runs between the oil filler and the carburettor.  I could well imagine moisture could be drawn down this pipe to cause the problem.
I would be pleased to here about the possible causes.
Thanks to all     

[fay66]

Colin,
If you've only been starting her without going for a run, Just take her for a good blast and get her really hot, and you'll probably find the problem has gone.
Brian
8227
 

[peterbaker]

Non usage causes no end of problems, and this sounds like lack of use. As suggested, clean away the gunge and then take a extended trip, to include the few A roads still without 40 mph limits. Even better. drive her down to Le Mans Classic in early July.

[colinw]

Many thanks chaps
Panic over. A nice sunny day for a good drive and problem has gone away.  Cleaned the sludge away first and low and behold came back to a clean oil filler.  Goodwood was nearer.
True I had had a few (lot) of short trips which did not allow the car to get up to running temp. hence condensation. Learning all the time.

Thanks again