To me, the difference between the red and green is that I buy and use the green, not the red...
I'm not sure what all is in red Mucilin, some combination of oils/solvents as best I recall.
The green though is simply silicone paste with no added ingredients to stabilize the stuff during temperature variations. So, it melts, re-congeals, then melts again when it gets warm. Most every vest I've ever owned has had a big Mucilin stain on one of the pockets by the time it became so threadbare I chucked it.
I don't mind..
I really like the green Mucilin and have used it for close to 40 years. It dresses the business end of fly lines and keeps them floating (Because I'm tough on lines and only maintain them indifferently, I fish cheap lines, mostly AquaNova lines out of Guelph, Ontario) and also floats dry flies as well if not better than anything else I know of. I have used it to lube the bail mechanisms on older spinning reels and last year when my brother in laws front door mechanism got very difficult to turn a key in, l brought it right back around into good working order by coating a key with green Mucilin and repeatedly inserting it in the lock and juking it back and forth until the mechanism freed up.
Its great stuff, IMO. It does it all and I wouldn't be without it.