Have a good Volvo tech check your oil and coolant.

FWD Volvo dipstick tubes get milky becaise they are out front and the plastic dipstick does not conduct heat up into the tube. I have seen ICE on mine.

Cleaning the stick will not get rid of the milky stiff in the tube. One way to clean the tube out is to fold a thin strip of rag over the end of the dip stick and stuff it down the tube. After a few tries with a rag, the tube will be clean.

Take your car for a nice 20 mile ride, then check the oil. The dipstick should not be milky. It will get milky again in a week or so of short trips. It will go away in summer.
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'96 855R,'64 PV544 driver, '67 P1800 basket case, '95 855, '95 854, the first three are mine, heh, heh, 415,000 miles put on 9 bricks