Interesting. I see it now, both in the Bentley reprint and an earlier owner's manual. Evidently a typo that it took them some time to notice, since the 75 owner's manual (that I have) has been corrected. Also the text even in the earlier versions is explicit about using oil.
I suspect it doesn't make a great deal of difference; the earlier cars (like my TR3) used grease and seem to get by well enough. The early trunnion design was not oil-tight and so grease is the only choice. But at least in theory, the oil should lubricate better. I would go with oil, if I had the later style trunnions.
In fact, I've even got an oil gun hanging on the wall, with a grease fitting on it. A leftover from the Sports 6 that I owned for awhile (which also had the later style trunnions).