Water, or any coolant for that matter, will adsorb heat as long as the heat source is hotter than the coolant.
Just a small point here Baron, but it's aBsorb. The process of aDsorption is very different.
There is heat capacity &then there is specific heat. (I hope Ihave this right, been out of school a long time
You confused yourself a little - these are the same quantities and relate to the amount of energy required to raise the temperature of the material by a given amount, and is expressed as units of energy per unit of mass per degree.
I believe the second quantity you were trying to describe is thermal conductivity, which is the energy flow per unit area per degree, so the higher the temperature difference and larger the contact area, the more heat transfer. We need to compare different substances with the same conditions to evaluate effectiveness.
So, in short, the specific heat capacity of water is around 4.2 joules per gram per degree Kelvin (or Celsius) and mineral oil around 1.7 joules per gram per degree. This means if we have the same mass of each substance and add the same amount of heat to them, the oil will increase in temperature by over double the amount the water will.
Looking at thermal conductivity, water has better conductivity by a factor of over treble that of most oils, so even with the increased temperature of the oil due to it's lower specific heat capacity, the water will still get rid of its heat faster (not to mention the higher temp oil will severely reduce its ability to actually remove heat from the engine).
So in really short terms, don't replace the water in your radiator with oil!