It's called strawberry milkshake, when water is in your tranny fluid. If it looks like that get it out asap.
The presence of water and/or ethylene glycol coolant mixtures in the transmission oil is detrimental to the reliability and durability of the internal components. Contaminated oil has a deteriorating effect on transmission components. Frictional capacity of drive clutch plates can be greatly reduced as a result of surface film or impregnation and the presence of glycol will physically deteriorate clutch plate material.
Should the user suspect contamination, an oil sample should be obtained when transmission fluid is at normal operating temperature to assure contaminate, if present, is thoroughly dispersed in the oil as sampled. The analysis of oil sample (by the oil supplier or any qualified laboratory) will provide the degree of contaminate and possibly a clue as to its source. A minimal amount of water may be due to uncovered oil drums or an open transmission filler tube; or, in the case of glycol, the use of an all-purpose fill container or a defective transmission oil cooler. Oil containing greater than 0.2% water by volume, regardless of whether it contains glycol or not, is considered contaminated and should be not be used. Any trace of Glycol or greater than 0.2% water contamination requires a complete disassembly and cleanup of the transmission and replacement of seals, gaskets, clutch plates, and bearings. The torque converter must also be replaced since it cannot be completely drained or disassembled. If the transmission is equipped with solenoids, measure solenoid resistance and compare to specification. Solenoids not within specification must be replaced. Transmission components that exhibit rust must be replaced. The vehicle cooling system should be pressure tested as a possible source of contamination.
Some conditions that may indicate water and/or glycol in the oil are:
• Rust or pitted transmission parts.
• Oil spewing out of transmission breather.
• Oil in radiator.
• Gaskets blistered or wrinkled in uncompressed areas.
• Appearance of oil. Presence of water in oil when dispersed is a cloudy or gray, pink, or strawberry color.
• Steam from breather.