To tesser: you are right. When studying air solubility in aviation fuels, we learn that the solubility increases with a drop in density, surface tension and viscosity. All these actually happen with higher temperatures.
Books tabulate the Ostwald coefficient C, i.e., the ratio of volume of dissolved gas to volumen of liquid solvent at given T,P.
For nitrogen in hydrocarbon oils at 273K, C=0.075.
The temperature dependence of C can be assessed by the following formula:
CT=0.3*e[(0.639(700-T)/T]ln(3.333C)
If you take the ln on both sides it'd become easier to understand the effect of absolute temperature T(K) changes.
Formulated lubes may show a bit different behaviour due to the chemistry of the additives. Same could be said concerning some synthetic lubricants.