A modest amount of water in the oil is not necessarily problematic, but it should be addressed sooner rather than later. Because water is a combustion byproduct, water vapor blow-by into the crank case is very normal, although most of it escapes before condensing. Changing the oil is a great start to addressing the matter, but considering adding half a can of Berryman B-12 Chemtool Fuel System Cleaner (part #0116) first in order to help with both cleaning and water handling. Just add it to your COLD oil, run the vehicle for until the oil is hot, and then drain the oil and replace the filter once the oil cool enough to safely do so. Afterwards, you should drive the car reasonably hard to get and keep the oil temperature up for a bit. This will help drive out any residual water that might still be in the system.