Air does not equal H20 my friend.. water is H20.
Sure, a minute amount of condensation could come out of the air... but not in the amount of fumes that are shown in the video here especially......
The crank case contains air which contains good ole fashion H2O.
I'm not real sure which part if my last statement you missed but air is full of water vapor which is generally referred to as humidity...again good ole fashion H2O!
OP: I removed the PCV system and fancy JLT catch can and have been running breathers on a boosted application for two seasons now. My breathers will saturate with oil and has a very distinct smell which you can smell from the cab of the car after putting a load on the engine. It is very different than the minute amount of vapor you are seeing. There are several things that can have an impact on this. Temperature the engine is running at will dictate how fast water that has condensed in the oil pan burns off, humidity (H2O) levels, how long the car sat between starts, ambient temperature, blow by or may be even a little ring flutter since you no longer have a source of vacuum on the back side of the piston keeping the rings seated.
But lets think about what you have in the video. Its at idle. There isn't that much going on in the crankcase (compared to under load at higher rpms). Not to mention you are not building boost in the video. Its just pistons moving up and down and a crank spinning displacing air for the most part. Before getting to worried, run your hands through it. Taste it even. I know it is unsettling to see something like this coming from your 5.0 that you have obviously invested a lot into but I think you'll find it is pretty common.
There are plenty of videos out like yours and most owners respond in a similar manner as you can see by the title of this one. smoke from everywhere - YouTube
If you still feel the need to dig deeper, do a compression and leak down test. You can also install lines to a catch can with a pop off valve which in turn is connected to a vacuum source. This way you can still take advantage of the benifits of vacuum in the crank case and blow off any excess pressure that builds under load.