03 7.3 powerstroke help

I have a 7.3 powerstroke that's getting water in the oil and a lot of it. I get enough water to change the color but that's it the rest goes out the exhaust. I've done a coolant pressure check with the engine off and motor cold and I don't loose pressure. If I run the truck and get it up to temp that's when I start loosing pressure. Truck runs fine no ruff idle, no skip, nothing. I've replaced the oil cooler and my next thing is to do head gaskets or at lest that's what I know of to do. Also if this helps motor has to be up to temp, the oil level when I drain it is normal, but the coolant is 4gals low, I do get white smoke at the tailpipe, but I think that's coming from the breather on the valve cover do to the oil/water mix in the air intake tube. Can anyone help on what to do?

If your losing it out the exhaust, it's gotta be in the heads.
The intake doesn't have the chance like later models to have EGR leaks.

IMHO.

Injector cups probably. Have fun.