water in the oil, now there is a new whine

stock '99 9-3 135k 5-speed

So I got some water in my oil from some standing water on the road that I was forced though. I only drove the car a few blocks after I drove through the puddle, I checked the oil and sure enough it was a nice milkshake.

I called my dad and he towed me the 1 mile back home.
I then went through and drained the oil, pulled the plugs, checked the air filter, etc. all of the oil was bad, plugs were okay and the air filter was wet, not saturated, but wet.

so I let it sit to dry out and ran another quart of clean oil through to help drain any of the old oil. Now here I am.. on fresh oil, new plugs (at 8 bucks, why not?) the car runs fine, but has a new noise.
It whines, RPM dependent, near the timing chain/accessories/serp. belt area-
My thoughts:
1. Frothy oil being driven by the oil pump?
2. Power steering or water pump?
3. Timing chain noise of some sort?
3. Low tension on the timing chain tensioner because of frothy oil?

any input would be great

thanks