The condensation is most likely caused by the chamber created in the mortise. However, the gurgle, I'd be willing to put money on it, is coming from a droplet of the condensation that has slid down the draft of the shank and is setting at the opening of the chamber and causing the noise.
Several solutions...
Use a pipe cleaner to clear the draft every now and then.
Put thumb over the chamber and fling the stem outward with a flick of the wrist to sling the water out.
Slightly blow on the stem, to push the water into the chamber.
Dig out inside the chamber to just slightly lower the bottom of the chamber below the draft, so that the droplet of water has somewhere to go and doesn't just set there and make gurgle sounds.
Personally, I'd just throw the damned thing in a drawer. You can find bucket pipes with less problems.