Kawirider,
What you are seeing is water/moisture in the oil. There are 2 sources, condensation (possibly because it is winter) or water leaking from the water pump seal. The best way to tell is to change the oil (use cheap stuff) then ride it and monitor the sight glass. It the milky look comes back right away then it most likely is the water pump seal. Sometimes a blocked transmission breather hose can cause the buildup of condensation. Hope this helps. Cam.