mielke, I assume you want to heat this oil up for cold startup? In that case you typically would not have any other heat source from the engine as a byproduct of combustion to heat the oil, so electric heating is the only option. A separate elecric heater with flow across the element would be more efficient than an immersion heater, however, you then have the pumping to consider and a separate shell.
Unless you can come up with another heat source, an electric immersion heater in the tank is your simplest option, especially if it is only for start-up.