There are two-stroke oils labelled to work in both air-cooled and water cooled applications, and given that 20 years ago, (mostly) all there was was dino oil with (sometimes) metallic additives or (maybe) a little synthetic content, you can still get by with it.
On low and medium-performance saws, like Husky 365, when not working the saw long and hard, and when you aren't hoping to get 1000 hrs between rebuilds.
Or when you only want top shelf stuff.
Today, the base oils and additive packages are different for each category, and in some cases, manufacturers spec out somewaht different things for each product: Bomardier supplies slightly different oils for PWC's, snomobiles, and Rotax engines used in things like Ultra light aircraft and airboats, while all are expected to operate on JASO FC/FD oils.
As to price, I have used <a href="http://www.docs.citgo.com/msds_pi/C10008.pdf">this product</a> as it has all the right stuff. The last gallon I bought was <a href="http://www.docs.citgo.com/msds_pi/663076002.pdf"> this label</a>; I think some markets/outlets are offered new packaging, but it's the same thing. There are also <a href="http://www.docs.citgo.com/msds_pi/663077002.pdf">similarly-labelled products for "summer" use</a>, but contain the same blends.
Its all $5 qt, $19/gallon