Hydraulic Oil looks like chocolate milk

[Rodent]

Looking through the sight glass of my l4200, the hydraulic oil looks like a light brown chocolate milk. Is this ok, or should I think about an oil change?

 

[6869704x4]

What's it taste like?
That's typically a sign you got water in it. So, to answer your question, yes change the oil.

 

[old and tired]

I would investigate how the water got in there first. Buy some cheap oil to do the first flush. Maybe even the first two flushes....

Gear transmission? Look for cracks in the shifter boot...

If it's HST, I wouldn't run it until it's changed...