if it is lowering oil and water both and is not leaking it may have a blown head gasket and it is going out the tailpipe
white smoke out tailpipe.............coolant in engine oil looks like a chocolate milkshake
check your dipstick...if its really watery...prolly a good sign...not to mention your oil WONT exactly smell like oil.
make sure its actually oil and not a mixture of condensation and black carbon..does it feel oily or more watery? oil would usually get burned and cause a light blue colored smoke out the tailpipe
Steam from the tailpipe, and water in the oil means you have a faulty head gasket. Not a good thing. The steam is the antifreeze/water coolant leaking into the heads (bad gasket) getting heated by the engine and coming out as steam. The water in the oil is the same deal, but it;s collecting in the oil so it isn't coming out of the tailpipe. You need a new head gasket. I promise.
Having a mixture of water and oil coming out of your tailpipe could indicate a potential issue with the engine, such as a blown head gasket. This allows coolant to mix with the oil, creating the unusual substance coming out of the tailpipe. It is important to have this checked by a mechanic as soon as possible to prevent further damage to the engine.
oil getting by the rings causes white smoke and oil dripping out of the tailpipe.
When oil comes out of the tailpipe it's time to see your machanic. the Piston Rings are worn, and need to be replaced.
Burning oil
If you notice a burning wood smell coming from your tailpipe, it could indicate a problem with your engine, such as a leaking intake manifold gasket or a faulty piston ring. It may be causing the engine to burn oil or coolant, resulting in the unusual smell. It is important to have your vehicle inspected by a mechanic to diagnose and address the issue promptly.
You are burning oil.
oil leaking out of the muffer and the air filter oil leaking out of the muffer and the air filter oil leaking out of the muffer and the air filter oil leaking out of the muffer and the air filter