Snomas,
Two things about your post bother me: "Doesn't SEEM to". Either you get water, oil or white powder out of it or you do not.
"Much water". Any is too much since you have an air dryer on your chassis.
I know this sounds picky, but brakes and suspension components ARE very picky. I know owners who have spend thousands of dollars cleaning their air system/replacing parts after a dryer failure left desiccant powder throughout their system. Lots of valves and other components that don't work well with contaminants in them.