Type "S" grease has been improved and replaced with Type S2, they are compatible.  Aluminum complex base lubricant with eflon specific oils added for supporting areas of critical sliding contact and a copper corrosion inhibiter added. Helps minimize metal-to-metal contact and prevent scoring of parts. (From Milwaukee TIY383 2020 Grease Guide)

Examples of tools:  0216-1, 0218-1, 0564-1, 1680 -20, 5308 -21, 5309 -21, 5311, 5313-02, 5314-20, 5315-21, 5316, 5318-20, 5319-20, 5321 -21, 5330, 5333, 5334, 5352, 
5336 -22 216 S 6 5338 805 S 12 -1/2 GC & BARREL 5341 776 S 5 5343 687 S 5 5345 -21 188 S 6 5346 -21 187 S 6 5347 688 S

Other Part Numbers:  49-08-5265 49-08-5267

Milwaukee 3 Pcs Type "S" or “S2” Grease 51-08-5265 comes New In Box 6 oz Tubes or 1 lb tubs. This 3 tubes makes 18 oz or 1 lb equivalent.  Compatible with many other Part Numbers and applications.   Grease is grease.  It doesn't matter much, until you get into Plumbing or really specialized applications.  This grease is Low Odor, and extremely Universal.

This is the grease that you always knew you needed to use but it wasn’t sold at the store with your tool (and they never tell you) so you didn’t grab it and maintain your tools properly. So whenever your ratchet gets a little sticky or your angle grinder makes weird noises this grease goes inside gear housings.  Also is used for lubricating slides, shafts, and so many many other functions on Milwaukee power tools. 

Of course it will work for any other brand, but you need to grease your tools in certain places and from time to time.  Any place where you need a good flowing grease that just stays and does it’s job for a long period of time this is the one. This stuff isn't nasty at all.  This is probably the best overall grease for a wide variety of applications where you have moving parts.  More research is required, but this is probably not a super high speed grease.  I would use this in my Angle Grinder, Drill Gun, and external moving parts which require lubrication.

It is interesting that no one ever talks about Lubrication inside or outside tools these days!  I wonder why that is?  Could it be they only want you to buy NEW ONES every couple years and have no idea how you can make them last A LIFETIME as used to be the case?  What was the REASON tools used to last so long?  Hmmmm......maybe they took better care of them :-)