I was joking about lubricating the water pump.
Oil has a substantially higher boiling point than either water, glycol, or the mixture of water and glycol. Oil is not miscible with either water, glycol, or the mixture of water and glycol, therefore it will not change the properties of them.
Oil has a lower level of heat transfer than water, but it is not an insulator, it is a conductor. It is typically the sole thermal conductor of heat away from the pistons (separate from the transfer of thermal heat to work via motion of the piston). The conductivity and the high boiling temperature is largely why oil is the preferred coolant for ignition coils and power transformers.
Oil will have a deleterious effect on rubber components, such as the hoses. It is just as bad on the inside or a rubber hose as it is on the outside. However, the resulting degradation is not instantaneous or inherently catastrophic. As many a greasy but functional radiator hose has shown.
Forget not, at the most half a cup of oil was introduced into my cooling system. Probably a good bit less. I noticed at the first glug that the color and viscosity was wrong, by the second glug I had tipped the jug back up, at first wondering if this was unmixed glycol (thicker viscosity) or perhaps used (dirty color). Then realizing it was actually oil.
While I agree with the preference of having a clean cooling system and uncontaminated coolant, I am not overly concerned that this engine will self destruct shortly because of the addition of a minor amount of oil. If that truly were the case, a blown head gasket would result in total destruction of engines, and old cars with skanky cooling systems would not be running.
Not at all to be confused with the introduction of ethylene glycol into the crankcase of an engine. That very much can do bad things, particularly to babbitt bearing surfaces.
None the less, on a nice warm day, I do plan on flushing the system. Today, with snow on the ground, a frozen driveway, and other things to do, I will let it go for a while longer.