Appears to be water in the engine oil, what would be the causes?

The tinted liquid is almost certainly anti-freeze/coolant.  The cause is almost always a bad cylinder head gasket.  It's possible, but rather unlikely, that a head or the engine block is cracked.  This is a costly, most-of-day repair in modern cars, but thankfully a LOT cheaper than cracks in the head or block would be.    

Oil turns gray when water gets in, not yellow. All cars drip water from the tail pipe occasionally.

If there's coolant in your oil the oil would appear milky. Water dripping from the tailpipe is normal. Is your coolant disappearing? That would be a sign of a bad gasket or cracked head or block.

With respect you are overthinking this. Water from the tail pipe is normal. It's just condensate from the products of combustion. Water in the oil is usually evidenced by a creamy deposit in the valve cover and it's filler cap. Clean oil has a yellow tint so there is no water present. Even if there were it would burn off as soon as you drove the car a mile. So in my estimation there is nothing wrong with your car. Happy motoring!

Cracked block or head(s) possible, but more likely "just" a bad head gasket . . . . . . 

Water dripping from the exhaust is normal, it's a product of combustion. A yellowish tint in the oil - that's what all clean oil looks like, if it's cloudy you have something to worry about.

Without mention of yr, make, model, mileage or problem history it is impossible to even guess what the cause could be if there is even a problem.