A method, device, and nozzle for dispensing cooled lubricant is provided. Lubricant is supplied to the nozzle through an inner lubricant tube. Cooled compressed gas is also supplied to the nozzle through a conduit which surrounds the inner lubricant tube. Cooled compressed gas from the conduit is introduced into a nozzle gas bore in the nozzle and lubricant is introduced into a nozzle lubricant bore in the nozzle. The cooled compressed gas and the lubricant are mixed at a junction between these bores, such that the lubricant is siphoned into the junction by the cooled compressed gas. The mixture of cooled compressed gas and lubricant are then dispensed from an aperture in the nozzle, preferably as a fine atomized mist of cooled lubricant.