This is a short term (a few months, not as a full time carver) review of Bioblend FG32.
Disclaimer: All my opinions here are totally unscientific, and are pretty much just my opinions.
When looking at hydraulic fluids, it was important to me to choose a fluid that was biodegradable and less toxic than bar oil. I was concerned that some hydraulic fluids seemed kinda gnarly. After all, I was trying to reduce my health risks (i.e. carbon monoxide, noise, and exhaust), and not just substitute one chemical for another. I also didn't want to be dumping gallons of hydraulic fluid into my personal environment (my backyard).
I ended up choosing a food-grade, non-toxic, biodegradable hydraulic fluid from a company called BioBlend. The product is BioBlend FG32. It runs about $98/5 gallons. Pretty pricey, but consider that boutique bio bar oils run $15-20/gallon too.
Food grade hydraulic fluids are used in large scale commercial kitchens to run conveyor belts and the like. They are rated safe for incidental consumption. Basically this means that you don't have to shut down the hostess twinkie factory if you have a hydraulic leak. My (unscientific) reasoning is that if it's safe to eat, it's probably better than bar oil.
The Bioblend FG32 looks and feels like, well, salad oil. I think it's canola oil based (based on it's high flash point), with "stuff" added to make in comply with ISO-32 requirements. I haven't noticed any stickiness yet like in canola oil.
It is the only hydraulic fluid I've used, so I don't have anything to compare it too. There is no smell and I haven't noticed any smoke coming off the bar like with some traditional bar oils and hot bars. I still wear a respirator when I carve- for dust and particulates. The respirator probably picks up 99% of any airborne hydraulic fluid.
Here are links to the data sheet and MSDS. (MSDS stands for Materials Safety Data Sheet- it contains health, fire and environmental hazards).
http://www.bioblend.com/pdf/foodgrade/BiofloFG_tds.pdf
http://www.bioblend.com/pdf/foodgrade_msds/BiofloFG32_msds.pdf
Want some scary reading? Here's an MSDS for Chevron gasoline-
http://www.albina.com/fuel/ChevronRUGasMSDS.htm
Hope that helps. The Bioblend FG32 was the least expensive bio, food safe hydraulic fluid I could find. Seems to work fine. There are lots of other options out there as well.
I'll try to review it again after a year or two of use.