Is your oil light on? Its probably just a little over filled, or maybe its nothing.
When people say emulsified, they are talking about water mixing with the oil causing a whitish look. You are talking about foaming.
The oil cooler doesn't need to be bled like a water-cooled system. The oil drains back down out of it anyway everytime you shut it down. Only other thing to worry about is fuel getting in the oil.
