When you check the oil on the dipstick, you will be able to tell if it is dark brown/black, looking like dirty oil, or golden yellow, looking like clean oil. Either is normal. If it looks like the colour of malted milk, the chocolate brown that Diesel Dog refers to, then you likely have water in the oil.

If it is just the yellow paste under the filler cap, often called 'cheeze whiz' then it is from condensation. Doing one hot oil change should be good, given that you have no other symptoms.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue