Milky oil and Exhaust Gasket go together
Actually they don't.
By "Exhaust Gasket" I assume you mean Exhaust riser gasket.
When the engine is
running, water due to an exhaust riser leak doesn't get back into the engine because the water gets "pushed" out with the exhaust.
Once the engine is shut down, water that comes back into the engine from a leaking riser gasket can only be up to that amount that is above the riser gasket immediately after the engine shuts down and on one side, it's somewhere around 1/2-1 cup.
But since riser gasket leaks are not "floods" the actual amount of water that can leak back before the riser water level drops below the gasket, is small. (not usually enough to cause "milky" oil)
Once the engine stops turning, the water level in the riser begins to drop immediately..... so not all the water can leak into the exhaust and that water that does end up running into the 1 or 2 exhaust valves that happen to be open tends to be a very small amount.
If you try to start the engine immediately after shutdown, that little bit of water (usually on the order of tablespoons) can cause a brief hydrolock on initial cranking but many times it briefly slows cranking and makes it seem like the battery is low or the starter is "dragging".
if you leave the engine off for longer more than 30 min or so, that little bit of water will leak right past the rings into the crankcase.
If you later start the engine and run it normally, the water will evaporate quickly and there won't be any visible emulsion.
My previously installed OMG 460 King Kobra had leaking riser gaskets on both sides and I ran it for a whole summer before I removed the risers to replace them.
I found that it would "hydrolock" every time if I tried to start it right away after shutdown, like after picking up a skier..... It always seemed like the starter was weak because it would crank and after start after a few tries.......If I waited for 30 min or more (or overnight) it would start right up and run normally. I checked the oil everyday. No milk.
I NEVER had visible water in the oil. I.E. the oil always looked "normal"
Once I got the heads off the engine, it was pretty clear that there had been water in a couple of cylinders for a LONG time.
Visible water in the oil is almost always due to a much more severe leak into the crankcase........and it's usually due to either a cracked block or less likely a cracked head and even less likely a rotted out intake manifold. (but all those conditions are possible) head gasket leaks do not usually cause water in the oil and compression checks don't tell you anything (about cooling system leaks)
The best way to rule out a cracked block or head, or other leak in the cooling system is to pressure check it using compressed air.
This should be the first thing you do with visible water in the oil.
Cheers,
Rick