I wonder if they are making a spirits and water emusification that is more eco friendly by not having nearly as much actual mineral spirits in it.

Cold hot or moving from one to the other, I've never seen my 100% regular low odor mineral spirits be cloudy.

For lubing a chain with the thick variety of bar oil AND assuming that this new eco friendly crud actuall works without forming rust then I use about 1 part MS to two parts oil and that thins it out enough to easily soak into the chain. You don't need to actually soak it. A quick dip will have it running entirely through the chain since there's nothing where it has to soak in through any pores or any such thing.