I would say it looks normal and is unfortunately a known issue with the S/C HD's and L's pulling oil from the PVC system into the intake tract. I typically drain a couple ounces of oil from my separator every five or so thousand miles. How many miles are on the truck? The truck doesn't have any sort of oil separator? What does the upper plenum look like?
I would take the opportunity to clean the intake, S/C and inter-cooler (change plugs too). I would also install an oil separator if it doesn't have one.
If you have not already, sign up for NLOC or Lightning Rodder. There is a lot more input and information for these trucks on those forums.
Looks about normal to me. Definitely get an oil separator on there. If you're that far in, pull the blower, clean everything out, and clean out the intercooler as well. Those things get gummed up pretty bad. Need to do mine as well.
A forum community dedicated to Ford Mustang owners and enthusiasts. Come join the discussion about performance, production numbers, VIN decoders, modifications, troubleshooting, power adders, DIY tutorials, and more!