It will constantly flow through the cooler, but only go back to the tank after temp (around 180F) opening an annulus. Here is a great description and illustration of how the aux thermostat works.
https://forums.pelicanparts.com/porsche-911-technical-forum/927332-how-external-oil-thermostat-works-illustration.html
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1971 911T (Tangerine)
1973 911T (Light Yellow)
1978 911SC -- "Northy" 3.2 twin plug
1990 911 Carrera 2
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