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Looking through the Service Manual for our 2009, I see that the oil temp must get to 302'F before the engine fan goes to full speed.
Higher, at 320'F oil temp the DIC will display "Engine Protection- Reduce Engine RPM". I didn't see anything that says the car will force a RPM reduction, just the warning.
Based on that, it seems reasonable to say that anything below 302' oil temp is ok, "in the green"; and max acceptable oil temp "redline" would be 320'.
Those numbers seem pretty high, but Mobil-1 and other good synthetics seem to perform well even when hot. More importantly, I can't recall hearing of any LS2/LS3 engine problems that could be blamed on hot oil. The failures that have happened seem to be related to oil starvation (lateral G) rather than oil temperature.
So although I'd rather have my oil at 200' than 300', GM seems to think the high temps are not a problem.
Aside from our general attitude that "cooler is better", does anyone have data or experience showing problems in the 302'-320' range?
(There are also serious warnings and protections if the coolant gets too hot, but this discussion if only for oil temperature.)
I ran many track sessions on LS1 and LS6 engines with the oil temp in the high 290s. When I first got my 03Z I saw oil temps go to 319. Never had a problem with the engine.