Have been on the lookout for the optimal water cooling cooling medium for some time now, as i see it there is three chemical properties that are important:
Heat capacity
Viscosity
Electrical conductivity
Heat capacity is important because the better it is the better cooling one unit (L/Gal/mL wathever) of the fluid passing through the block will grab more heat from the block.
Viscosity is important because it denotes how difficult it is to force the fluid though the loop, so lower Viscosity better flow.
Electrical conductivity is mostly a nice to have, as it only makes the fluid NOT kill your computer should you get a spill.
In addition, a fluid that is not reactive to the other metals and plastics of the loop, and no thigns can live in (algae)
Something with low viscosity and high heat capacity that wont kill you computer should you spill and is stable would be ideal
Now for the fluids i have found:
Water:
Very high Heat capacity for a fluid: 4.1813 [J/(g*K)]
Very Low Viscosity: 0.894 [CP]
But it is conductive and algae likes to live in it
Propylene glycol: its the stuff in engine coolant additives
Heat capacity: 2.521 [J/(g*K)]
Viscosity: 42 [CP]
Still conductive but nothing lives in it, and it has a lower freezing point so its possible to use radiators outside in winter (if you live in a part of the world that gets that kind of temperatures. Also,
Here is some interesting stats about water/glycol solutions.
Mineral oil: there is a lot of different oils, but they are high Viscosity.
Heat capacity: 2.521 [J/(g*K)]
Viscosity: 35 to 400 [CP]
Not conductive, i dont know if stuff grows in it tho.
There are probably other fluids but the Heat capacity and Viscosity will be the most important ones comparing it to water.