Tractor Repair: Ford 1920 water in oil, head gasket, freeze plugs

Question
I have found water and antifreeze in my oil. I was told that there was a freeze plug inside the valve cover that was probably popped out. Is this true or what else could this be.

Answer
Sorry about the slow response. I was on Vacation and forgot to turn off my profile for questions. There are freeze plugs in the head that can leak coolant into the engine oil. I would think it would more likely be a head gasket, cracked head or liners leaking. Drain the oil and remove the pan. Pressure the system and see where the coolant is coming from.