condensation
 

ok so how much milky chit would be acceptable on the valve cover cap.....new engine, oil level seems fine, no milk shake in oil filter, nothing on the dipstick either...also power steering fluid seems fine.....am i being paranoid for nuthin cheers

The Valve cover plug is a bad indicator since it seems to collect more condensation than anything else. If you don't have milky oil and the oil level hasn't risen any (since you haven't added any oil) you should be fine. If your getting good oil temperatures 215*-230* (Min) after a hard run, enough to burn condensation out of the oil everything will be fine. for some reason it won't clean it out of the cap though...