Truck Repair: Head Gasket, head gasket, water bubbles

Question
I have an N14 Litre cummins, with a problem of oil in the water, not a significant amount but enough to notice. On examination of the side of the heads water bubbles appear and oil is noticed running down the sides. I would appreciate your expert opinion on what could be causing this?  

Answer
Dont think a head gasket would cause that problem.Does it have a trans cooler that is water cooled?Sure its not diesel?Check the oil fill on the valve cover for moisture.If so then the oil cooler could be bad.Not saying that it doesnt need head gaskets just have not seen that problem with a head gasket because of the way they are made.