An important part of the new quantitative approach to elastohydrodynamic lubrication (EHL) is the use of reference liquids with well-characterized thermophysical properties. New measurements are reported for the thermal and rheological properties of squalane to high pressure and of high shear rate and high-frequency viscosity of squalane thickened with polyisoprene (SQL + PIP) at ambient pressure. The glass transition viscosity of squalane at ambient pressure was found from published viscosity measurements and new glass transition measurements by transient hot wire. The glass transition viscosity so determined was incorporated into the improved Yasutomi model and the calculated glass transition temperatures as a function of pressure are comparable to those directly measured, although the hybrid model yields better agreement. The glass transition viscosity of squalane by any definition must be substantially lower than the “universal value” of 1012 Pa·s. The second Newtonian inflection cannot be characterized in steady shear at ambient pressure for SQL + PIP due to cavitation; however, acoustic viscometry with matching layer does characterize the second Newtonian inflection. To form the analogy between steady and oscillatory shear requires that the steady shear rate be compared with the ordinary frequency rather than the angular frequency for SQL + PIP.