Grey oil ?

I just did a top end job on my brothers new (used) bike-1996 Honda CR250. Started up fine and everything is great except...I went to change the oil and it was kinda grey. Clymer manual says to look at the peep hole under the water pump housing for any signs of coolant or oil seepage. There is none. I just started breaking in the motor and everything else seems fine with no noticable coolant consumption (yet). So whats the dileo?

Thanks Radiator Ron! I just changed the oil for the first time today and noticed this. This is the first time we have had the bike out since he purchased it. I plan on changing the oil again after the next ride just to clean it out. I am a maintenance freak when it comes to this stuff...just needed some feedback to the grey oil.

Thanks again!!