'90 IDI I don't know about. But the first place I'd look is the engine oil cooler. On my '99.5 the oil cooler is located on the side of the engine between the water pump and the oil filter. I suspect yours is there too, but post in the 7.3L IDI forum and ask the experts on that engine.
On mine, the base for the oil filter is also the base for the engine oil cooler. The base for the other end of the oil cooler is at the water pump. The water pump pushes lots of water through the cooler, to cool the oil in the oil passages in the cooler then dump the heated coolant back into the radiator. So it could be the oil cooler gasket, or it could be that the oil cooler has gone south with rust or cavitation or some such.
But coolant in the oil has to come from some where, and it doesn't sound like a head gasket, so I'll bet on the engine oil cooler.
But coolant in the oil can ruin the engine in a heartbeat.
DO NOT run the engine until you get that puppy fixed with fresh oil in the crankcase. But you knew that.