1994 blown head gasket?

I have a 1994 pickup with a 22re that i think has blown a head gasket.I bought the truck without going over the engine like i should have.Well to my discovery the water had oil in it and the oil has water in it.Both look like milkshakes.Would that rule that it is the head gasket blown?I changed the plugs and the number 4 plug was kind of nasty.The radiator cap seal was about destroyed so i put another one of those on there.I guess maybe the previous owner neglected the cooling system and that caused the over heating and the blown head gasket if thats what it is.Truck only has 153,000 miles on it and even now it drives like a brand new truck until it warms up.Just wondering if anyone could tell me if thats what for sure it could be.Thanks for any help.

Sounds like a definite possibility. Lucky for you Toyotas are pretty solid and yours sounds like its worth doing the gasket on. Cheers!

Another possibility is the PO didn't replace the Timing Chain and it wore a hole through the TC Cover. That would allow oil and coolant to mix also.

If it was the timing chain problem i would think i would have heard the timing chain wobble a hole unless it happened before i owned it.

You'd still definitely hear the slap.

Well it turned out to be the timing gear rubbing a hole in the back cover.Gonna cost more then a head gasket job cause of all the parts.....timing chain,back cover was like 150.And also the waterpump was busted.Gonna run me like 700 bucks but not a bad deal and its worth it cause i will get a lotta miles outta this truck i hope.Thanks for the help guys.