Kawasaki ER5 - White cream in the engine

[Teddingtons]

Hi, I wondered if anybody could give me some advice on a Kawasaki ER5 I bought recently.
I rode home after buying it and was very pleased with it, the engine sounds nice, very responsive with good acceleration, ticks over nice and starts up ok from cold, no sign of any oil or water warning lights. Next day I was going to change the oil and oil filter and noticed a lot of white creamy stuff under the filler cap also the oil level sight glass in the clutch cover is covered in it too. Can't even see the oil level to be honest, the reserve tank under the seat is nearly empty but radiator is full, checked that.
Having asked about a bit about this, the head gasket needs replacing. I have done this job before putting new top end gaskets on bikes but not had all this cream in the gearbox.
What I needed to know now is the best way to tackle this, would just a new head gasket do it, they are only about £20 or is it best to change the base gasket too, the bottom end is full of cream now, would an oil change clear this or does that need a strip down and clean out. A complete gasket set is about £60 plus some seals to buy.
Luckily I didn't pay a lot for it, I could get a replacement engine for around £250 or less which would be a quicker fix. I would like fix this engine as it runs so good and only done about 40k, thanks in advance for any replies.

[Marmalade]

Do an oil change and take it for a run. Doing short trips to work every day and it not warming properly can cause condensation and that in turn mixing with oil and turning creamy.

Don't do anything drastic until you are sure what is wrong.
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[moonzoomer]

as above, also check engine breather pipe for blockage and crud, check air filter and housing for crud, change oil and filter a take the bike for a good long run keeping an eye on the coolant level, also check radiator and hoses for leaks.