Don`t panic...
The milky, white stuff is from water in the oil, usually it is from condensation, which is caused by not getting the oil hot enough.
Why is the oil blowing out the breather?
A few things come to mind...
Overfilled with oil (only add oil after the level has been checked on a hot engine).
Bike sitting a long time, oil drains into the sump, sometimes too much drains down there for the scavenge system to handle, and it blows out the breather.
It could also be caused by a plugged or kinked scavenge line. Pop the didpstick out of the tank and check that oil is returning to the tank.
Remember, don`t :newsmile055: add oil until you have run the engine long enough to scavenge all the oil out of the crankcase, and the engine is hot.