emulsion particle size and homogenizing time

I am testing PolyAquol 2W (Glyceryl Stearate and Stearyl Alcohol and Polyglyceryl-2 Stearate) and I am having some trouble with particle size. 

I am making small batches (150 g), with a low oil phase (9%) and using a Dynamic MiniPro with the emulsifying head (RPM 0-13,000). I use it at speed 2-2.5> Not sure exact RPM corresponding to the speed. 

I keep getting these emulsions with slightly visible droplets. 

One emulsion looked smooth-ish at first, and when I continued homogenizing (2" 30 s) bigger blobs formed and it got worse. I am guessing I overworked it? I started homogenizing the two phases at 83 C. But when I homogenized for only 2".15s the emulsion wasn't as smooth as others I've made either. 

Here is a microscope slide of the one I homogenized longer:

So uneven oil droplets here and there, and then the big blob. What is the stuff inside the big blob??? Air? Water droplets?

Am I homogenizing too fast? Too long? 

Thank you!!
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