There is quite a bit in the SRP Wiki (toolbar above on left) on honing techniques with the yellow coticule. I used to only use them with water following a Norton 4/8 or something similar. Then reading Bart's posts I began to use a slurry and following his suggestion diluting the slurry as I went until I was down to water only.

I sometimes use a BBW with slurry and use the same diluting technique and then go to the coticule side with water only. I have one coticule that I feel cuts fast with water only so how I approach it would also depend on the condition of the blade. Whether it is fairly sharp or if I am working with a dull edge that needs more then a light honing. The more you use your particular stone the more you'll find what works best for you with it. That is what is happening with me anyhow.