If the fluid looks like a strawberry milk shake you have water in it. Corrosion and wear are the problems with water in the oil. You can verify by draining off a small amount a boiling it, in say a tin can, until the moisture if boiled off, at which time it will look like regular ATF. I had a tractor that had about 15 gallons of water contaminated hydraulic fluid. I drained it out and boiled it in a trash can with a turkey cooker until the water was gone. I then strained and poured this oil back in and ran the tractor's hydraulics to their full stroke for a while to flush/mix with the residual contaminated oil. I did this whole process a few times until everything looked normal. I am sure I didn't do any favors to the oil, but it never got hot to the point that it burned. While it was boiling it never got above 212 F. I could tell the moisture was cooked out when the temp started to creep past 212. I used a non-contact thermometer to judge the oil temp. You may want to try that with your rig...