Well, water is a much better conductor of heat the oil is (oil is actually used in other applications to store heat). So it should be a much better system in the aspect of heat transfer. But the price is that it's a complicated system with additional pumps and lines, and a more complicated system will have more places to fail. In the end Oil to Air systems have been effective enough for the large majority of users here. Only a few people running very high performance engines in hot climates on the track would get use out of this as apposed to the standard oil to air.
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