Heating it will likely help the water separate, freezing is not likely to work because the frozen water will just stay trapped in the now very viscous oil.
You could try an experiment with a small volume and see what happens.
Also, even though it sounds a bit strange, adding more water may help it separate better. What you are doing by adding more water is changing it away from separating water from oil into oil from water; again heating could help.
You could really heat it and boil the water off but you will probably also boil off volatile components in the oil so it may not work correctly afterwards.
And having written all this I think you should toss it, thoroughly flush the machine a fill with new oil. There are two reasons I have this opinion;
You are going to spend a lot of time whatever you do and the machine is going to be down all this time; better to cut your losses and get the machine back making money.
Even if you do appear to have removed all the water by some method you do not know what has happened to the waterbased coolant that was in the water. This is an oil which contains emulsifiers so it will mix with water; but it doesn't really mix it is merely suspended as fine droplets of coolant dispersed in the water. However, oil does mix completely with oil so now at least some of your coolant has dissolved into the oil and you will never separate these. This means you have no idea whether the oil will still perform the same even thoug the water has been removed. This mixture of oils over a period of time might create a sludge which clogs things, you have no way of knowing whether this will or will not happen. As I say; toss it, clean and refill.
An open mind is a virtue...so long as all the common sense has not leaked out.