Water in my oil?

[bcwilson_1]

Hi guys, I recently changed my valve covers and noticed a bubbly whitish liquid pooled in one corner as you can see in the pic, is this water or coolant, or something else? When I bought the truck, it only had 35k miles on a brand new crate 350 "Goodwrench" and I had to tighten some of the bolts on the valve covers and intake manifold. It only has 38k now. It doesn't seem to run rough, for now, but I can't seem to find any info on the web that shows similar substances in this area. Also, in the second pic, it looks like one of the springs is starting to rust, but this was the only spring on both sides that looked like that. Any help would be great!