Well I drained the gear oil from the outdrive this afternoon, and When I first took off the drain plug the oil was a dark gray, not really milky or thin but dark gray and consistent viscosity with the rest of the gear oil. So i let it drain completely for about 30 min, and when I looked in the pale it was a good dark blueish black color, but there was a bit of milky looking substance floating on the top. I have only owned the boat for a year and I know the outdrive was just rebuilt before I bought it (have receipts), So I'm just wondering if that means water is getting to the oil, or maybe it is left over milky oil from before.
Pictures attached. I will be transferring it into a clear bottle, then letting it sit for a while to see what settles at the bottom. I'll post those pictures up as soon as I do it.

Any help is greatly appreciated!
Pictures attached. I will be transferring it into a clear bottle, then letting it sit for a while to see what settles at the bottom. I'll post those pictures up as soon as I do it.

Any help is greatly appreciated!