If you have not used the car for a while, then I would continue to use it, albeit gently, and keep an eye on the water contamination, and oil level, until you are sure that either the oil contamination has flushed itself out, or you indeed have a problem. Nothing worse than doing a major job on a car than to find you have made no sodding difference.
You would be suprised where various fluids can get trapped and suddenly free themselves later. Also, if you had a problem with oil transfer, then more than likely, you would also get water transfer into the oil too. So keep an eye on that.