I think water would be better - my conclusion is based on :
- As mentioned better heat transfer from using water vs air
- You can run the radiator in the airflow, therefore only needing a fan when stopped and it gets too hot.
- If you want to go extreme you have the option of running an electric water pump too, so you could even shut off the water if the temps allowed it
- or you can use convection style coolling (water with no pump) like some bikes and older cars do.
And my wife's favourite :
- Its simple to extend the coolling system to provide heat to the passengers.