For 'normal' conditions a water-oil cooler is best, as you get up to operating temperature faster and still keep it within operating range; for 'hardcore racing' an air-oil cooler is better, because you have more heat to get rid of, and this is great for getting rid of it fast.
Of course your oil temps will go up and down as the oil thermostat opens and closes using the air cooler, a water cooler they'll stay somewhat similar to the water temps, which will keep them both close together and also keep both from wavering too much, hopefully maintaining a good operational temperature for the engine, but of course limiting all cooling under greater load circmustances to that available to the water cooling system.
An intersting idea I've wondered about and yet to see tried (altho it may have been) would be using an water-oil cooler AND a air-oil cooler; the water-oil would help maintain temperatures in the block via the oil and water at a proper heat range, and the air-oil cooler could be thermostated to open a little later than normal so under heavier loads it benefits cooling, but not until then, and the water-oil would still help mediate temperatures fluctuations and heat load(the additional cooling of the oil would also contribute to less heat in the water, altho not at any great efficiency it would help to act as a secondary water cooler).
Of course this would be kinda complicated and all, ... it's just crazy enough
