Are you sure there's any water at all? It's possible the carb float valves are not sealing and your petcock is leaking, causing the crankcase to fill with gasoline. It happened recently to another member here.
Obviously you need to change the engine oil and the oil filter. When you do that you can see if there is really water, which will go to the bottom and be the first to drain out, or if it's gasoline, which will mix with the oil. Then we can go from there.
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