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That's Fed-up. The only times I ever see stuff like that...and it has never been that bad...is when there is a lot of extra moisture in the crankcase from a water jacket leak or on engines that are not run long enough to burn-off the condensation that develops inside the crankcase when first started. I also see this when an electrolysis action happens between two materials. Are you sure the grounding is correct between the block and chassis and there is nothing attached to or associated with the dip stick tube...like an oil heater? Its not going down and touching a plug heater is it?
