Common to see, the yellow is emulsified oil/water.
That can be caused by engine running cold, as in missing or stuck open thermostat, or short run times when the engine doesn't get up to temperature long enough to boil off the condensation.
Also remember, the old engines don't have PCV (positive crankcase ventilation),nothing to keep the moisture laden gasses, (a normal byproduct of combustion) moving. So the condensation tends to stay in the engine.
Unless there is a mystery coolant loss, don't be concerned about it. Just be sure the thermostat is working, and try to get it out an work it at operating temperature.
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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