Personally, I use water for al mild steel, and vegitable oil for my higher carbon steels. Depends on what I'm making, and the aplication for that specific item, I might quench in cold oil, and leave it alone, or I might quench in oil at an orange heat and then temper in water when it just starts to move colors (light/dark straw to light blue). All I use (in the way of oil) is vegitable oil. I've never had it flash on me (and as I've said, I usually quench at an orange heat) but anything is possible. Plus, I like the smell