I disagree with Jim.

Oil has a lower specific heat capacity than water (actually, most things do - that's why we use water in cooling systems) therefore for any given heat input (normally 3kW for the elements we use) it takes less time to achieve the same temperature as it would with water.
edit: Curious, so looked it up:
Water is 4.2 kJ/Kg/degree C. Vegetable oil is 2.0 kJ/Kg/degree C.
In a perfect plant with no losses and assuming a constant rate of energy input, oil will take just under half the time of water.
Although at any significant temperature above ambient you'll have losses to the surrounding environment to deal with. Ensure it's insulated well!