When it's been sitting for a while, does the oil look different than after it's run? Do you still have the first oil you drained out of the trans? Does it have water in it? drip some on a hot piece of steel, if there's water it will sputter, test a few drips of new motor oil to see what it should look like, do this with the current oil after it's been sitting and again after it's been running.
The foaming or milky color might be a symptom or the cause, kind of hard to tell, but it is an important part of this. Obviously Jcbjeff knows way more about this than I do. That test is the next I'd try, not knowing if your trans drains completely or if the changing the fluid only dilutes the old fluid that doesn't drain.