The steps I suggest:
Dump existing oil milkshake from engine
Fill with fresh oil, crank the engine over for a few seconds but do not start it.
Repeat that process until the obvious water contamination has been removed.
When I say "obvious" I mean "the oil looks milky". You want to eliminate that first before firing the engine up.
Once the oil comes out clear-ish looking, fill with oil and run it up to operating temp.
Shut the engine off and let it sit for at least 5min.
Check oil level and visual quality of oil.
Edit: if you're worried about damage to the engine, consider an oil analysis from a lab such as Blackstone
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