Sounds like it could be cooling system suppliment. It is basicly water soluble oil. Napa used to have Mac's 13. My quick search didn't find it. Have you seen that same color and consistecy of stuff used by machinist to cool and wash as parts are worked on? I doubt that the coolant is recommended by any manufacture. The owner probably knows better than the entire SAE and wouldn't consider any other formula. This could be the same product that makes identicle claims of being a waterpump lubricant.
http://www.barsproducts.com/product.cfm?id=42