If you can get through this guy's incessant babbling, you find a few nuggets on the water-less thing...there are 2 or 3 tortuous vids to get through, he is on the right track though. He focuses on the heat absorbing and dissipating properties of (in this case) liquids. If you have a cooling system with a big (or modified) capacity you should be fine (although in theory the flow rate should be looked at as well), but many a motorcycle race teams (most bikes have borderline systems to keep weight down) have tried and gone back to a water mix.
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