Does the oil in an engine warm up the same or similar rate as to the water?

The reason I ask is that i always assumed the oil took alot longer yet we've got some big mobile air compressors at work (that need a truck to move them lol) and these have a comprehensive display (think SECS monitor but with more features) and when we fire them up this display shows that the oil warms up almost as quick as the water....

strange....