A compression test and leakdown test is only going to verify the integrity of the compression top end. It wont check the bottem end under the pistons or the oil passages.
Been thinking of this dilemma since you first reported it
@swatski and scratching my head all i can come up with is this:
If an oil cooler cracked internally it would blead water into the oil circulation system.
If a head gasket failed it would have to be from a cooling jacket into an oil passage or return.
Oil does not travel through the exhaust manifold so you can rule out a cracked
Manifold.
Remember water pressure is much greater when the jetpump is creating it, so my 1st guess still is a failed oil cooler because on a hose it might not create enough pressure to push the water through a small crack.
And i believe there is a direct cooling line to the oil cooler. And the engine block used a thermostat and slower moving water flow. Separate i believe, would have to consult my manual to be sure.
If in fact its just the oil cooler, not a big deal and the engine is still good.
Got my fingers crossed for u