Indeed, white transmission oil can be a bad sign.
It could just be that the bike has often stood for long periods between use, and that condensation has built up inside the transmission case. The condensation will cause the oil to emulsify, turning a greyish colour, and break down.
Change the oil, run the bike to normal operating temperature, then drain it again to flush all the "dead" oil. You may have to do this a couple of times to completely clear the casings. Keep an eye on the coolant level. If the level starts to drop and the oil continues to turn a milky grey colour, then it is most likely the water pump seal that has failed.
There are a couple of oils on the market that have a "milky" appearance however, but they are usually coloured, not grey.
I will contact RockOil to ask if their light gear oil is suitable for the NSR, but I would not recommend it until I have the facts.
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Andy.
NSR-WORLD.COM
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