Edd.
The normal amount of water to be expected in oil is none, zero, nil, nada. That you have had some emulsion from the time you bought the car 18 months ago indicates the engine was defective when purchased, so it is not surprising it is now a lot worse and is in urgent need of attention to avoid complete seizure. I suggest you stop using it immediately.
Head gasket failure is the least probable cause of the problem, and would usually show itself with other symptoms.