Methanol (wood alcohol, methyl alcohol, and meths in the UK) is the first oxidation product of methane, CH4, and has the chemical name CH3OH. Further oxidation produces formaldehyde, then formic acid, and finally carbon dioxide and water (CO2 & H2O), which is ultimate--you cannot burn water! All of these godies occur in your engine and produce heat which does the work. Methanol is a colorless and almost oderless liquid which is a violent poison and is highly flameable. It burns with a pale blue flame which is not visible in daylight. You could be on fire with methanol and nobody could see the flames. Methanol produces 55,550 net BTU per gallon, a 3450 OF flame temperature in air, has a near 43 OF flash point (does not evaporate below 43 OF), and a 725 OF ignition temperature. The addition of castor oil and nitromethane will slightly lower the ignition temperature of the mix. 1300 OF to 1500 OF temperature is indicated by the "color" of a hot glow plug coil.

This is taken verbatim from Lorain County R/C Club web site, written by R.W. Stuart. May be found at http://www.lcrc.org/stu11.htm.