Are you running std turbos? I'm running the factory ones at 1 Bar - I think the ball bearing turbos run cooler.
Also, you're right if I get the water temps under control then the oil temps fall off too (and vice versa).
I'm pretty sure the readings are right, as i've got defi gauges for pressure, oil temp and water temp.
However, the readings are temps as they exit the engine - the top hose for the rad, and in the remote oil filter block before the cooler. It would be nice to have a reading after the oil cooler and at the bottom rad hose to see what temps the engine actually sees.
Another thing I was thinking was that the engine is running a bit lean, but then the A/F ratios are good at bang on 12:1
Therefore, my conclusions are:
1. the oil cooler is poorly placed
2. the rad is either partially blocked or can't cope with the heat - going to go for a 43mm one anyway