If you have the 3.0i engine the seperator is located below the air intake area. You have to remove the intake to see it. The 4.4, the seperator is located towards the back of the engine bay near the top.. And like weasel said when you get the seperator changed you should do an oil change too to release all the water in the oil as well..

Switchman, clean all that milky crap off the dipstick and oil cap... Keep doing this every couple days so the sludge doesn't build up if you need to keep driving it. Also put some fresh oil in there afterwards to top it off with some good new oil.. keep cleaning the milky crap though until you get the oil changed and the seperator replaced..

Switchman..Also your X should already have the updated seperator in the X because of the model year.. When was your last oil change? In your case, you may just need a good oil change...