also, sometimes a compression test may not show much if it's a minor leak........I'd pull some plugs out and check em out also.....and if you have access to a leak down tester that would be good to do also

 

2004-2005 dodge 4.7L have this trouble, not the dipstick but the pcv systeme (hose and everything) run too hot in the engine bay and the pcv hose block with milky oil.

check your pcv if you have one. And maybe if you upgrade for a bigger pcv systeme to match your new setup?

 

water/coolant is getting into your oil

 

Could be just moisture from not running the car long enough to get hot and burn it all off.(Lot of short trips)
If none of your coolant reservoirs are going down and you dont see white smoke coming from your tailpipe I don't think I would worry about it to much.

 

1st guess, head gasket is blown.
2nd guess, pcv system is incorectly set up for your turbo.

 

someone busted a nut into your oil fill?