It's years since my last chemistry lesson

so I'm totally relying on my intuition here. But is ethanol a more efficient solvent than ordinary petrol (gasoline)?
What I'm trying to say is, is there a risk of ruining the engine running on ethanol? I'm thinking of ethanol washing away the lubricating oil film. Or corrosion of some parts?
And finally a word of warning in addition to that of Artur's: I don't know about ethanol, but at least methanol really is dangerous. Exposure to it even in very small quantities causes blindness, any more causes death. So be extra careful. BTW, even some windscreen washer fluids contain methanol, I can't believe they're allowed to be sold!