The water/glycol cooling method for the internal combustion engine has
had a long time to mature. Honestly, I think it works pretty well, is
relatively clean and easy to deal with, it's cheap, I think effort would
be better spent coming up with alternative energy sources.
I know I'd rather have water leak than oil leak. Leaked and spilled oil
makes an awful mess when it picks up dirt and turns into engine grime,
and that's not even considering the environmental impact.