But wait until others agree/disagree?
Regardless, I would get any water out asap.
(Had a blown marine engine once, bust the head gasket, salt water in the oil. And since this was a boat, I couldn't just stop the engine, I had to use it to get to the harbour, with more and more salt water entering the oil.
Same day, out of the water, home, valve covers off, removed all mayo I could see. Changed the oil 4 times that day. After 2 changes, I used a drill on a redone distributor that only ran the oil pump, so that the new oil went through the whole engine and turned engine by hand. Every time the oil that came out was more oil and less mayo. Put engine together again, and raced till the season ended. When the engine was taken apart over winter I found only one area, about half a square inch that looked rusty. Maybe a slight spot where the oil normally doesn't get to. It was a gamble, that time it paid off)