You can, but that one time the saw gets super hot one summer, a water cooled oil can break down and cause some damage.
I run Amsoil Saber in my air-cooled paramotor - I've seen cylinder head temps measured at the base of the spark plug reach 400° during climb out on a 90°+ day. I'm full throttle for 2 minutes straight or longer to gain an altitude I'm comfortable with (more altitude = more options if the engine decides to crap out). Hotter days = a slower climb rate, so I'm on the throttle longer. I'd wager a water cooled oil would've given up 100° earlier in that climb.
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