Today I stopped by my dads house and while I was there I opened up his drain valve on his compressor. He is 70 and he doesnt like to bend over to do it. This came out, is it a mixture of oil and water if so what would have caused it and the oil level for the case is perfect.
My guess is it came from the factory with some oil in the tank to protect it during shipping, etc. When the air blew it out, it mixed into the froth that you see. I would give it a month (considering low usage) and try it again. If the oil level in the compressor is "normal", I wouldn't worry about it.
If it helps any -- My drain "water" often looks exactly like that.
And my oil-lubed Craftsman has been used and abused for over 16 years.
I change the oil every fall with Mobil Rarus 427 and it has worked it's heart out with no problems so far.