From the service manual.
Hydraulic reservoir oil foaming/milky
Air or water in system
Check for air leak on suction side of pump and check reservoir fill neck for leaks allowing water to enter system Check for air leak in hydrostatic pump case drain line from hydrostatic pumps to suction side of gear pump.
You could also have seals leaking on the input shafts of the hydro pumps or output shaft of the motors. Your NH dealer should have a special tool that can pressutize the system to help pinpoint the problem. Is the engine gearbox filling with oil?