This is an oil emulsion called 'mayonnaise' in the trade....its formed as water vapour condenses inside your engine, especially if you only use the car for short runs, when the temperature doesn't get hot enough for this water vapour to be dispersed. Changing the oil helps a bit, as does wiping as much of the stuff away as you can with a rag. All petrol cars do it to some degree.
John
May 2009