Some of the most commonly found ingredients in horse liniments include menthol, mints, eucalyptus, alcohol, and capsaicin (from chili peppers). Most liniments will warm up the area they are rubbed on, and can add warmth which is important for older horses. A good rubdown with a liniment either before, or after, a workout on any problem areas can greatly increase a horse’s comfort.
A liniment containing alcohol will help to cool off a hot horse. The alcohol component will evaporate quickly, taking some heat with it.