I have a '98 V70 with about 170K miles. I have recently checked my oil, and the when it's cold, the oil on the dipstick looks "milky", whiteish, curdled. the whiteish part has more of a solid consistency. almost like rubber. Once it warms up, the whiteish, milky consistency goes away, and the oil looks like oil. any ideas what could be causing the oil to have whiteish clumps?

Are you sure it isn't oil mixing with the air?

Check out the recent V-70 posting as it is discussed there. You are in New Hampshire................you have condensation in your oil.
R.