Willy, the whitish stuff is water mixed in with your oil. That could mean your lower unit seal is bad or going bad. How much "milk" ya got and how long has it been since the last oil change?
Another thing, on the back of both screws there is a small plastic washer. I've been told that each time you change the oil to replace that washer. Now that brings me to my point - is the plastic washer there? If not, that could possibly how the water got in? Maybe not.
A little bit of water over a long period of time shouldn't be too bad as long as you change it often (1 or 2 times a year). Otherwise, you might be in need of a new lower unit seal kit. I've never done this work personally, and would probably have to pay the shop to do it for me as I don't know my way around the lower unit too well. But, with a good manual, it is very do-able for a backyard hack. Good luck.