Accept my apologies if you already know the following, and I don't know how much water you're seeing in the oil, but here goes anyway.
It is possible that you have a bad head gasket, but my "long distance and never have seen your bike" guess is no.
A certain amount of the combustion gasses get past the piston rings into the crankcase, and this can be worse on a cold engine. Because water is a byproduct of combustion you are putting water into the crankcase every time you run an engine. If the engine is cold that water vapor condenses and gets into the oil. You need to get the engine hot to vaporize any liquid water entrained in the oil. And a hot engine will not condense water vapor.
Originally Posted by jimstandinghorse
I've been starting it up a couple of times a week even though I can't ride it here with the snow.
This may be working against you. I would only start the bike every 2 to 3 weeks, not 2 or 3 times a week, and every time I started it I would let the engine get good and hot. If I couldn't ride the bike I'd let the engine run long enough for the fan to come on a few times. This way you drive out any water that might have gotten into the oil from the cold start.
Perhaps I shouldn't add this bit because I don't know how much your coolant level has dropped, but it is possible that you haven't lost any coolant at all. Coolant, like everything else, contracts when cold. And it contracts more than the engine metal. Before I assumed there was a leak I'd get the engine hot, and then check the coolant level when the engine cooled down to warm.