Your oil viscosity selection chart in your owners manual tells you to change to a thinner oil if the expected outside temperatures are lower. Adding an oil cooler essentially shifts this chart, so that now you’ll need a thinner oil for the same riding conditions. Under severe conditions found at the track, an oil cooler allows you to keep the maximum temperatures down, but under street conditions the oil temperatures will drop below the values that the chart serves to promote.
As you can see from the chart, a single modern motor oil with viscosity enhancers can be used over a wide range of ambient temperatures and still maintain adequate oil pressure. So it’s not a sensitive parameter.
During an engine’s development time on a dyno, the oil temperature is monitored to avoid temperatures above 260ºF and below 200ºF to avoid oil breakdown at the high end and excessive pumping losses (and higher pressures) at the low end. These dyno runs are simulations of street riding conditions, but not representative of more severe heat loads during actual track conditions.
So, if you modify your oil cooling system you should monitor your oil pressure and adjust your oil viscosity to assure adequate - but not excessive - oil pressure under all riding conditions. See your service manual the correct cold idle, hot idle, and running operating pressures.
[Edited on 4-12-2004 by Shazaam!]