Shoot for a water system everytime. You get better heat transfer, easier pumping etc.
I use glycol, if I cant protect the coils for whatever reason. But is its an AHU, use a freeze protection pump. When OA is greater than 40 degrees, pump provides full flow through coil, and the modulating valve bleeds in hot water as needed to maintain air temperature. The important thing here is to size the coil for a minimum of 3 fps. Running water doesnt freeze (or so someone told me).
If you have an air cooled chiller outside, you almost have to put glycol. Maybe use heat trace instead, but that can deteriate ocver time.
If I do gio glycol, I will try to have a heat exchanger, and just use the glycol in the coils required for freeze protection, so you dont lose efficicney thorughout the system.
knowledge is power