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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
I drained the oil and I dont see any water in the oil. But it still doesnt explain the coolant smelling like exhaust...
I put a supercharger on my car last spring and went driving on a bad tune and my car was kinda doing the same thing. i would let it cool for a day or two and there was still alot of pressure on the system. and no coolant in the oil ,or oil in the coolant or even steam out the exhaust... i found out that i blew a heads gasket.. the exhaust gases were going into the coolant chamber .. But try the over flow first, i bet that will work for you..