What does it indicate if the engine oil drained during a routine oil change appears milky-white or light brown (like coffee with milk)?

1. Water or coolant has contaminated the engine oil.
2. The oil is fresh and has not been used long enough to turn black.
3. The engine is running with a fuel mixture that is too rich, washing the cylinder walls.
4. The oil filter is completely clogged, bypassing unfiltered oil.