I took my 72' cutlass out and I was just messing with the oil cap and noticed a good amount of white sludge under the oil cap. Is this a head gasket, cracked cylinder or just something small? Thanks

 

Might just be a lot of short-trip driving.
Give it a flush and oil change, run her up to temp and drive for an hour or two, and see if she's still sludgy. Any sweet smelling white smoke or loss of coolant?

 

I do see lots of smoke but that's probably just because of it being 10 degrees.
No loss of coolant. Oil is clean and looks like it got changed a day ago. I so smell burning oil when I'm at open throttle . Smells like gas at idle

 

Normal for winter and short trips.

 

So I shouldn't worry?

 

Don't worry now, anyway.

Check your oil for water and your exhaust for antifreeze, and do a compression test and a cooling system pressure test when it's a bit warmer outside.

Odds are it's just cold temperatures and short trips. I had a Jeep Grand Cherokee with a 4.7 V8 that I noticed doing this one winter when it had about 100,000 miles on it. I let it go but kept an eye on it. Sold it a few months ago with 300,000 on it, still running great, and with no oil or coolant problems - it was just condensation.

- Eric

 

Ok that made me feel a bit more comfortable