What is the best dielectric?

Oversizing should lower dielectric constant since air has lower DC than teflon. As for the difference with IC or speaker cable - capacitance of the wire is straight proportional to area and dielectric constant and reverse proportional to distance. Some teflon IC have as lo as 3pF per foot while typical shielded generic cable has about 25-30pF per foot. Dielectric absorbtion (proportional to dielectric constant and lowest for the teflon) is a process of storing some energy in capacitor's dielectric. Completely discharged capacitor can charge itself back recovering energy from dielectric. It is usually very slow and I don't know what effect it has on audio signals.

AFAIK foamed Teflon in oversized tubes

Oversizing should lower dielectric constant since air has lower DC than teflon

The first quote would indicate oversized tubes filled with microporous PTFE, perhaps you meant, 'made of', which would go along with the second quote.

exposure to the atmosphere and having a loose conductor are draw backs to this but yes the dc is lower

There are several manufacturers using rectangular conductors with the narrow sides within a teflon tube. This means that the majority of the conductor has an air dielectric or in the case of the Stage III with a vacuum dielectric. Townshend is the other manufacturer that I know of. I also have some ics with a silver wire spiraled within a teflon tube also minimizing the conductor's contact the teflon. These were made by Bogdan.

Cpk - there are several cables made with oversized tubes (most of Audioquest, Acoustic Zen). I'm not sure if tubes have air or nitrogen inside. Material of the tube itself can be polyethylene, foamed polyethylene, teflon, foamed teflon - depending on the price of the cable.

On my sensitive system, dielectric's very audible noise is proportional to the thickness of the dielectric.

The conversation here says to me the idea of minimizing dielectric presence has caught on. That is a good thing.

I use a very short, very very thin 12 gauge ribbon for my SCs. to prevent shorting, I loosely wrap the ribbons in saran wrap. This is very thin, and it touches the ribbon in few places. It works. I don't hear any of the haze and fizz I hear with commercial SCs.