It might interest you to know that the article the source is referencing is actually an overview of research and not the study itself - it just tangentially mentions it.
(They also do explicitly mention that the study indicated didn't control for any other factors.)
Also interesting to note that the source journal article for this 'new news' is from 2001. Unless, that is, Dr. Elwood published basically the same paper in the same journal a couple of years apart.
7. Elwood, P.C., Pickering, J.E., Fehily, A.M., Hughes, J. & Ness, A. Milk drinking, ischaemic heart disease & ischaemic stroke. I. Evidence from the Caerphilly Cohort. Eur. J. Clin. Nutr. 58: 711-717 (2004).
I don't have access to the journal, and it's not the article referenced in the Telegraph (apparently). Why would they cite a review rather than the original research?