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I have a P3 gauge in my car that I have set to oil temp all the time. Mine will normally run between 244-248 on the street (sometimes drops cooler, but about 80-90% of the time), and on the track actually runs a bit lower (more airflow -- I'm in LA stop and go traffic, so not much air getting to my car on the street).
Normally when I hit my cooldown lap on track, oil almost immediately drops about 10 degrees. The oil cooler in this car is quite robust (with the aux oil cooler). I've only ever seen it hit 250 once, and I was banging into the first gear rev limiter (I was doing drills at a driving school -- dont judge).
Not really sure about people running in the 230s constantly. The car's thermostat does a nice job of keeping the car at optimal temps -- I've done track days with 100+ degrees on track and never had a limp mode problem (heat soak in the charge air is a different story, but oil temps were always fine).
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