A JETSTREAM 31 IN AIR HOLDING AT 17000 FT DECLARED AN EMER AND DIVERTED DUE TO FLUCTUATING ENG OIL PRESSURE AND QUANTITY.

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WE WERE HOLDING AT EHF VOR AT 17000 FT. I NOTICED THE L OIL PRESSURE FLUCTUATING FOLLOWED BY THE L OIL CAP (OIL CAPACITY/QUANTITY) FLICKERING. WE RAN THE EMER OIL CAPACITY CHKLIST FOLLOWED BY AN INFLT ENG SHUTDOWN. I WAS FACED WITH THE DECISION OF LNDG AT BFL OR FAT. I PLACED THE FAT LOC IN THE #1 NAV TO DETERMINE THE TIME TO FAT. THE DME INDICATED 20 MINS. AT 17000 FT I CALCULATED 24 MINS TO DSND AND GET VECTORS FOR THE APCH TO BFL. FAT WAS A STRAIGHT LINE FROM MY POS REQUIRING ONLY ONE TURN ONTO THE LOC. BFL WOULD HAVE REQUIRED SEVERAL TURNS. THIS IN CONJUNCTION WITH OUR FAMILIARITY WITH FRESNO REDUCED OUR WORKLOAD AND WAS A SAFE COURSE OF ACTION. NORMALLY I WOULD HAVE TO LAND AT BFL BECAUSE WE ARE USUALLY RELEASED METHOD 2 FOR DRIFT-DOWN CONSIDERATIONS. WHEN RELEASED UNDER THIS METHOD BFL IS OUR DRIFT-DOWN ALTERNATE. (THE ARPT WE MUST LAND AT WHEN SINGLE ENG.) HOWEVER; THIS TIME WE WERE RELEASED METHOD 1 WHICH DOES NOT HAVE A DRIFT- DOWN ALTERNATE. WITH THIS IN MIND I AM NOW FACED WITH COMPLIANCE OF FAR 121.565. I MUST LAND AT THE NEAREST SUITABLE ARPT IN POINT OF TIME AT WHICH A SAFE LNDG CAN BE MADE. I CHOSE FAT. I HAD A STRAIGHT LINE TO THE MARKER; AN EASY CRUISE DSCNT; AND ONLY ONE L TURN ONTO THE LOC. THE TIME BTWN BFL AND FAT WOULD HAVE BEEN THE SAME IF NOT LESS. ALSO; CHOOSING AN ARPT WE WERE FAMILIAR WITH REDUCED OUR WORKLOAD; INCREASED OUR COMFORT LEVEL; REDUCED THE STRESS LEVEL; AND INCREASED SAFETY.