Surprised no one picked up on this. Your catch can oil shouldn't look like that. That's water/oil mix and that's BAD!!!
Historically, such a sight would be a sure indicator of water mixing with the engine oil, yes, but I don't think that diagnosis (based on color alone) is nearly as accurate as it used to be. Too many things have changed with the engines and the chemicals we put in them.
No, I'm more inclined to point to the evaporated VII additives from the multi-viscosity engine oil as the culprit for turning my CC collections into something resembling tapioca pudding. Although I can't indict the oil's add-packs ingredients without also pointing out the co-conspirator in this particular event - cold ambient air temps. If it weren't for the temps hovering around freezing that day, we wouldn't have been treated to the wonderful all the wonderful colors the CC collections turned into.
SIDE NOTE: I once spent several hours in my garage heating up, cooling down, pouring, spreading, and just basically playing with some oil that I emptied out of my CC, and you know I enjoyed the heck out of that seemingly boring waste of time, as my wife labeled it. It is absolutely amazing how our engine oil can react to temperature changes both quickly and reliably, even after being expelled from the engine as blow-by and condensed on the side of a plastic cup.
But I digest...
Anyway, I appreciate the concern, but I am unconcerned about my engine's current state with respects to its lubrication. If that sort of thing were due to water in my oil, that would mean I have been getting about the same amount of water in my oil for the last 60K miles, and ignoring the fact that no discernible damage has occurred from it in all that time, I would think my engine coolant would at least be very low by now, probably even needing to be refilled a time or two. So far none of that has come to pass though, so I'm going to keep 'er on this course for a little longer.