Hi folks ... I've read through post 9 and there are some interesting and scary thoughts. I'm involved in industrial and mobile hydraulics, electro-hydraulics especially. Occasionally, we will submerge electric and electronic assemblies in oil, virtually always conventional hydro-carbon based fluids. As fluid breakdown is greater at higher temperatures (that rule of thumb that chemical reactions double every 10 centigrade degrees), temperatures are not usually very high ... 130F is good, 180F is not good, between there are engineering evaluations made.
We make regular suggestions ...
NEVER use a fluid optimized for automobiles or transmissions ... they have an additive package which intentionally encourages solution of water in the fluid rather than the water settling.
Never use in a (water) glycol system, whether ethylene or propylene glycol ... just like your car antifreeze, these are frequently roughly equal water and glycol. I've never seen full concentration glycol used, but would be concerned that water is miscible in them.
There is a design concept where the hydraulic fluid flows through the motor windings to cool it. This offers the advantage of smaller (typically the motor is loaded to about twice what it could be if externally air cooled) package, but the big advantage is that a much quieter assembly can be made.
Remember that PURE water does not conduct electricity. Large PoCo generators have water cooled stators. We're talking medium voltage here, often 10,000 to 50,000 volts. Of course, pure hydrogen doesn't burn either ... the generator housing is full of it, at moderate pressures (3-100 psi) for lower friction and better thermal conductivity. DON'T TRY THIS AT HOME<g>.
The silicone or chlorinated hydrocarbon fluids would be good if you can find them in small quantities. The Dowtherm family sounds good ... although way over engineered for your need, I'd expect ... and is used in industrial applications so should be readily available.
BUT ... what I'd use is a good, low viscosity, petroleum hydraulic oil which is DEFINITELY available in small quantities ... a 32 cSt from any reputable manufacturer will give you decent life for testing at your temperatures ... certainly in the 1000's of hours, then evaluate the silicone products if operating temperatures really are exceeding 180F.