Magik,
While it's true that bubbles in the cooling system are a potential sign of a head gasket leak, just by eliminating that possibility, you can't say that you don't have a head gasket leak.

There's obviously moisture of some sort in the sump. I'd recommend an oil analysis to verify that there is no or little coolant in the oil. Additionally, a compression test could pinpoint something as well.
Bogatyr