Much/most of the heat in the oil comes from the heat in the pistons, which goes up with the power being generated, even at cruise.
I was watching my oil temp gauge on the CTD towing a 20' trailer in I-64 through the mtns of WV last week. Going up the mtns, the oil temp would rise to the 220*. As soon as I started downhill, the oil temps would drop like a rock; they would drop 50-60 degrees with a 45 second steep downhill run. That change is overly extreme versus our typical small blocks, what with the biiig oil cooler (plus a big turbo with oil flow in it) in that truck but it illustrated the correlation of oil temps with combustion power.