Gray oil

[504d]

I'm afraid to drive my truck. I got this truck 4 yrs ago, and did a tune up and maintenance at that time, and fixed a few things, but couldn't get the title. I got it recently, and after a few more repairs, am ready to drive to the DMV for inspection, but when I look at the oil, which I changed about 1-2 hours runtime ago, just around the block and idling, the oil is gray. See pic. This engine has no oil filter, and while I've owned Beetles in the past, which don't have filters, I don't recall the oil looking like this, but that was a long time ago.
I'm a novice with this vehicle, or anything older than 1959, so really have little idea if its running or sounds ok, but it runs and drives.
So, is gray oil ok, or should I try to find an expert.

Thanks,
Steve