A compressor system (20, 110) comprising: a compressor (24, 125) including a gas inlet and a lubricant inlet, the compressor (24, 125) operable to compress a gas and discharge a mixed flow of compressed gas and lubricant, characterized by: a valve housing (74, 185) including a hot lubricant inlet (70A, 200), a cooled lubricant inlet (70B, 195), and a lubricant outlet connected to the lubricant inlet of the compressor (24, 125); a sleeve (76, 190) disposed within the valve housing (74, 185) and movable between a first position and a second position, the sleeve (76, 190) selectively uncovering the hot lubricant inlet (70A, 200) to selectively direct a hot lubricant to the lubricant outlet and selectively uncovering the cooled lubricant inlet (70B, 195) to selectively direct a cooled lubricant to the lubricant outlet, the hot lubricant and cooled lubricant mixing at the lubricant outlet to define a bulk lubricant that is directed to the lubricant inlet of the compressor (24, 125); a controller operable to sense a parameter and generate a control signal at least partially in response to the sensed parameter; a motor (80B, 245) coupled to the sleeve (76, 190) and operable to move the sleeve (76, 190) in response to the control signal, the movement of the sleeve (76, 190) being operable to vary the amount of hot lubricant admitted through a first aperture and to vary the amount of cooled lubricant admitted through a second aperture to control a temperature of the bulk lubricant; wherein the sleeve (76, 190) is movable between the first position in which the hot lubricant inlet (70A, 200) is fully open and the cooled lubricant inlet (70B, 195) is fully closed such that all of the lubricant flowing to the lubricant outlet amounts to a first quantity, and the second position in which the hot lubricant inlet (70A, 200) is closed and the cooled lubricant inlet (70B, 195) is partially open such that all of the lubricant amounts to a second quantity that is about equal to the first quantity; and wherein the sleeve (76, 190) is further movable between the second position and a third position in which the hot lubricant inlet (70A, 200) is closed and the cooled lubricant inlet (70B, 195) is fully open such that all of the lubricant flowing to the lubricant outlet flows through the cooled lubricant inlet (70B, 195) and amounts to a third quantity that is greater than the first quantity. a valve housing (74, 185) including a hot lubricant inlet (70A, 200), a cooled lubricant inlet (70B, 195), and a lubricant outlet connected to the lubricant inlet of the compressor (24, 125); a sleeve (76, 190) disposed within the valve housing (74, 185) and movable between a first position and a second position, the sleeve (76, 190) selectively uncovering the hot lubricant inlet (70A, 200) to selectively direct a hot lubricant to the lubricant outlet and selectively uncovering the cooled lubricant inlet (70B, 195) to selectively direct a cooled lubricant to the lubricant outlet, the hot lubricant and cooled lubricant mixing at the lubricant outlet to define a bulk lubricant that is directed to the lubricant inlet of the compressor (24, 125); a controller operable to sense a parameter and generate a control signal at least partially in response to the sensed parameter; a motor (80B, 245) coupled to the sleeve (76, 190) and operable to move the sleeve (76, 190) in response to the control signal, the movement of the sleeve (76, 190) being operable to vary the amount of hot lubricant admitted through a first aperture and to vary the amount of cooled lubricant admitted through a second aperture to control a temperature of the bulk lubricant; wherein the sleeve (76, 190) is movable between the first position in which the hot lubricant inlet (70A, 200) is fully open and the cooled lubricant inlet (70B, 195) is fully closed such that all of the lubricant flowing to the lubricant outlet amounts to a first quantity, and the second position in which the hot lubricant inlet (70A, 200) is closed and the cooled lubricant inlet (70B, 195) is partially open such that all of the lubricant amounts to a second quantity that is about equal to the first quantity; and wherein the sleeve (76, 190) is further movable between the second position and a third position in which the hot lubricant inlet (70A, 200) is closed and the cooled lubricant inlet (70B, 195) is fully open such that all of the lubricant flowing to the lubricant outlet flows through the cooled lubricant inlet (70B, 195) and amounts to a third quantity that is greater than the first quantity.