I have also been looking into the optimal fluid, and don't understand either why PT uses motor oil. There is a very informative group which discusses the in's and out's of oils and other lubricants
BOBISTHEOILGUY
Basically, as I have come to learn, the main differences amongst these "oils" is firstly whether they are natural (aka "dino"), synthetic (chiefly polyalphaolefins or PAOs) or a blend of the two. After that come the so-called additive packages which will define the oil type, i.e., its application and its properties. The additive packs are manufactured by a small group of companies which then sell to the big oil companies. There are packages to control viscosity, such that it will go up as it heats up (instead of thinning out as unmodified oils will at temp), anti-foaming packages, seal lubricant packages, anti-oxidation packages, etc., etc. In hydraulic fluids (including ATF), the additive packages focus on seal lubrication, anti-oxidation, anti-foam, and water separation.
The info that I've studied champions the use of synthetic oils for hydraulics over dino oils or blends, with the recommendation to change the filter on a regular schedule and top off as necessary. In any of a number of sites there seems to be a strong advocacy for using ATF as replacement for regular hydraulic fluid. Advantages touted are the composition of the additive packs, and the better performance at sustained high temperatures as one sees in automatic transmissions.
As has already been mentioned here, these products are expensive. However, if the performance is enhanced, especially at higher temperatures, AND the oil does not need to be changed for 1000's of hr, the expense may be justified.
Readers please understand that I am NOT recommending that anyone change over to ATF or any other fluid for that matter. This is just information that I have gathered and pass along. I am going on a pilgrimage to Tazewell last week in June and I will ask the "founding fathers" their sage opinions on all this oil stuff.