I just did this to my Mits. I came here looking for the "cocktail" to pickle the water out of my trans/PTO, because my lift didn't want to work. I eventually found it here and at a HEavy Equipment forum.... If not mistaken it was ATF, a little diesel and denatured alcohol in the proper volume for your machine.
I ultimately had decided to just drain and refill with my usual AW 33 hydraulic oil- it was signifcantly less expensive. Drained the contaminated out, refilled with 33, ran it for a half hour to get it warmed up and cycled my lift (which did go right to work) drove it around the yard- then drained that. It was contaminated again. The second fill and run cycle took care of it. A tip I can offer: Let it drain for a few hours, and if possible use a floor jack and jack up the tractor a little to change the "height" of the drains. I had two drains, and a Screen/Mesh type filter to clean, which trapped a good pint behind the filter.