Best is actually a subjective term... It really depends on the application and some oils are better in some situations than others and visa versa. To be completely honest, If you adhere to your regularly scheduled oil changes there is no "Best Oil". Use the right viscosity and grade for the application and change it regularly and you will never go wrong.
The better oils will...
- have a high temperature smoke and flash point
- contain low amounts of ash.
- have good thermal dynamic properties to remove heat from the engine parts.
- contain zinc additives (rare to find because of emissions)
- contain detergents to remove contaminants from the engine parts
- contain polymer strands that won't breakdown to fast. These are usually proprietary from manufacturer to manufacturer so no one is the same.
When your talking synthetic oils, not all synthetics are equal. The higher quality synthetic oils are ester, diester and polyester based oils. They are more durable, contain no ash and have unrivaled thermal properties and a very high smoke point. The disadvantage is that these oils do not mix with conventional oils and should not be use or mixed with any type of mineral oils. RedLine is a synthetic oil that is ester based.
The Polyalphaolefin (PAO) based synthetic oils are worlds better than conventional mineral oils but not as durable as ester based synthetics. The advantage is a better price and the ability to mix with either conventional mineral oils or ester based synthetics.
Best thing to do is to first understand what viscosity oils to use for the application. For instance if you have a built motor chances are you have bearing and pistons installed with looser tolerances for more oil clearance. In this situation the OEM recommended viscosity of 5W-30 is a very bad thing. In this situation you will want something like 15W-40 and even thicker in summer months.
Once you figure that out the rest is up to you but If I was to give my opinion as to the best oil to use that would be an Ester based synthetic oil like RedLine.