Justin used ferrofluid to complete a thermal bridge to case its principles are completely different its a very small amount held in magnetic suspension.
That is exactly what is being discussed here.
It all cases vehicle motors, except boats, are ultimately air cooled. If they use liquid cooling, water or oil or whatever, then the goal is to use the coolant to move the heat from the motor to a external heatsink to where it can be shed into the atmosphere.
In the case of hub motors, which are are 'outrunner motors'... that external heatsink is the external shell. Hub motors have their internal copper windings physically separated from the external shell. The default liquid is air. So hubs need to transfer heat to the air inside the shell and then from the shell into atmosphere.
Ferrofluid is 100% legit "oil cooling". Due to the magnetic properties of the fluid it stays put. Which is why you don't need a lot of it. It forms a physical bridge, made of oil, from the hot copper windings to the external shell because the magnets are glued to the shell.
Grease works in a similar way. It stays put so you don't need a lot of it. The actual lubrication in the grease is oil, just the same as any other oil. It's just held in a matrix, like lithium soap in the case of lithium grease, that makes it 'sticky', but shears away under any sort of pressure leaving just oil to do the actual lubrication. This is why grease works so well with bearings. Packed bearings may 'feel' sluggish, but when they are under pressure they are actually oil lubricated.
However in geared hubs ferrofluid doesn't work. Because there is no strong lines of magnetic force between the motor and the external shell.
So if you want to cool a geared hub motor you need to have enough oil to physically displace the air in the motor and form a physical bridgel. Otherwise it works in exactly the same way as ferrofluid.
Yes this will lead to noticeable friction losses, but the benefits can easily outweigh the downsides power-wise.
However we know from ferrofluid and people using ATF in the past that it can 100% work.
That being said...
I don't see the point to having oil cooling setup for mid-drives on a ebike. Because you can use a inrunner motor. With a inrunner motor the copper windings are heatsink'd directly into the external shell. If you need additional cooling you can add fins or wrap the motor in copper tubing or something like that and use some metallic epoxy to physically join things. You can also vent the copper windings directly to atmosphere. Dust and crap won't hurt those motors because the bearings are sealed. Same reason car alternators can last for hundreds of thousands of miles.