Film strength - the super thin layer that keeps metal to metal contact from happening. The best easily looked at metric for that seems to be viscosity @ 100c.
few more thoughts...
1) In my last test with R50 visc = ~19 , Hp2 visc = ~18 , K2 visc = 13.6 , 2R visc = 8.5. Stihl Ultra visc = 8.5. All the times were relatively close. So I think it's fair to say there is no or very low correlation between visc and cut times.
2) So I don't think a heavy visc hurts performance. Hp2 actually had a slight edge on cut times, cylinder temp, and how the saw felt.
3) At this point in testing - I personally believe film strength is probably the number 1 consideration. And since it doesn't seem to hurt performance. I would rather have a higher film strength than a lower film strength...visc #.
4) I think one of the problems with finding the best oil for General cutting ie. non milling. Might just be figuring the correlation of flash point with how the saw looks internally in conjunction with the ratio of oil/gas mixed used.
5) I also think part of the problem is a lot of this oil is "Racing" oil. So it's formulated to run at max. Which a lot of guys probably don't do. Which is probably fine. But how does that impact how the insides look? ie. I'm sure there is enough oil in the system. But will it create a lot of build up if it's not run at max?