If it turns out that there's no block crack you could have gotten water in through the exhaust. If you had the risers off and rebolted them without changing the gasket there's a possibility that water got from the exhaust water jacket into the exhaust gas tract where the riser and manifold bolt together.
Since you say there was water in the oil pan that did not mix with the oil it had to have gotten in there after the motor was turned off. If the water had been in there with the engine running it would have turned to a brown emulsion goop.
Pressure test the cooling system by line clamping the outlet hoses and put 15 psi in the inlet. Listen all around for air escaping. Do this at a few crank angles. Listen at the carb, exhaust, and valve covers.