Intake gaskets is the first thing I would look at.

What water temperature do the engines reach while running? Does the oil level rise? Like Chris said, it could be just condensation not boiling off from running too cool. That may explain why both engines are exibiting the same symptoms. Maybe just need to change to a higher temp thermostats...

if you are getting reversion, can get blow by (water in oil) it has to go somewhere. a friend of mines jet boat did it. Fixed the problem with the exhaust, changed the oil and was just fine.

I've heard this but I've never seen it.

This is the part that confuses me- in reversion, you're getting a small, reversed pulse, caused by the piston starting downward on its next intake stroke while the exhaust valve is still closing from the prior evacuation stroke. So lets say for the sake of argument that it pulled a small amount of water into the cylinder. The water now goes through the next compression, power and exhaust stroke with the air/fuel charge. How does this differ from the water that would be injected with a water injection system. I've used these systems more than a few times and never found water in the oil.

I don't understand that either, I agree with Chris in that the rings should stop the water if you have a leaky riser and the exhaust valve was open. If they don't then you have more problems then just the leaky riser/manifold.

i talked to the owner of a marine mechanic place over here, along with his head mechanic. they both told me this: if you had a cracked block/manifold/head/gaskets, you would see more water in the oil.. I only have a little water in my oil that traced down to the oil pan, also in the valve covers on the oil fill cap there is what they call "cheese" build up which is mostly water.. Theyre both sold on the idea that my cam is too big for the current exhaust setup, therefore letting the water go back through the engine. which leaves me 2 options, recam to original specifications, or keep upgrading, meaning new preformance manifolds/risers which are made to stop reversion.. do you think this senario is correct?? i just hate to throw 3grand at 2 new pairs of manifolds if this isnt the problem.

Do yourself a favor. Pressure check the water system including coolers before you go any further.

the engines both run about 120-130 all day long.. i dont think thats to cool.. what should they be running at?

Seems a little on the cool side to me. It really is a function of oil temperature. 212°F

another good reason to change your oil at the end of the season.