I bought a 1992 Base model 22re pickup that needed Front brakes and a fuel pump. Got it up and running. It runs great but water getting into oil and oil in water. No signs of bad head gasket or cracked block.No steam in exhaust, No overheating and no signs of water in cylinders. Im thinking maybe gasket between Timing case and block?

 

Head gasket, no question. Get it changed ASAP. Water in the oil can seize engines fast. DO NOT RUN THE ENGINE!!

The head gasket on the 22R series engines is actually pretty easy to replace. I did it on my 87 4Runner, and I'm a radar tech, not a mechanic. If I can do it, ANYone can. Get in there and get to work!

Good luck to ya.
Pat☺

 

Or the infamous broken timing chain guide -> timing chain eats a hole in the cover -> chocolate milkshake in oil pan.

 

That's what is going on.Milkshake in oil pan. I drained it and left drain plug off, Put water in Radiator and it comes out oil drain hole. I have lots of experience With bad head gaskets, I use to drive old Subarus that are notorious for Head gaskets so I am pretty sure its not the head gasket.

 

I finely got around to disassemble Timing case cover off block. Timing chain Guide broke allowing for the Timing chain to eat a hole in cover.

 

Or the infamous broken timing chain guide -> timing chain eats a hole in the cover -> chocolate milkshake in oil pan.