As I've noted in another thread, I use Red Line Water Wetter which I guess is a soluble oil?
I have clear evidence that it has lowered the running temperature of the cars I have used it in and some in-depth studies in Australia proved that it reduces corrosion in motors with aliminium components.
I use this in preference to anti-freeze which is not required here, but the label on the bottle says that it is compatible with anti-freeze