power steering fluid foamy

[Hoffman Anthony J A1C 552 CMS/MXMVC]

I recently purchased a 5ktq from an auction and it only had a couple of
problems, the most significant being no power brakes or steering. I filled
the reservoir(a little over a quart) and the power assist is somewhat
intermittent. The fluid is all foamy with air bubbles, and I was wondering
if there is a bleeding sequence, or if the air will work itself out
eventually. I don't currently drive the car, so if I just have to run it,
then let it sit..... that is fine.
 
On a side note, how many people have had the nuts on the ends of the sway
bars come off their type44's? This one appears to have, and my wifes V8 and
friends V8 all have one messed up fender.
 
Tony Hoffman