Step 1: Understanding the Concept
In an O/W emulsion, oil droplets are dispersed in water. In a W/O emulsion, water droplets are dispersed in oil.
Step 2: Detailed Explanation
Milk: fat droplets in water, O/W. Vanishing cream: O/W. Paint (as an emulsion paint): O/W.
Butter: tiny water droplets in a fat phase, so it is W/O.
So butter is the one that is not O/W.
Final Answer:
Butter is a water in oil emulsion, so the answer is option (B).
\[ \boxed{\text{Butter (B)}} \]