What's in my oil?

Ok so I've just had the oil sitting there for about a week and there is a definite separation in the oil, almost a 1/4" thick now. I am almost convinced it is my timing cover gasket. I recently took off my water pump and replaced it and also installed a new power steering bracket. Anyone ever had a problem when removing the water pump that the timing cover starts to leak? Dont the water pump bolts also push the timing cover to the block?

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did you silicone the water ports on the timing cover?
 
Yes I did use silicone on the timing cover gasket. I just bought a new timing cover gasket set so looks like this will be my weekend project. I hope this is it.