Old Oil With Clear Fluid Separation Question

I am new here and hope someone can help me with a general question. I just picked up a 1948 International KB-5. It was last registered in 1981 and has been sitting indoors since. The motor is free and was cranked to check by the previous owner. When I picked up the truck, I checked the dipstick and noticed a clear fluid at the top of the stick and oil below. I was afraid it was water and that I had a block crack but the clear fluid was thick and oily feeling.

Does anyone know what this is?

Could additives in the oil have separated over time resulting in this scenario?

 

drain oil, see what comes out,

 

Had the same thing happen to me in a 64 impala. It was also putting out white smoke. Did a tune up and changed all fluids and it never did it again oddly.


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