Hi
When airbrushing Vallejos Model color range of paints I always used Vallejos airbrush cleaner for thinning and always used a mix of about 50/50. The Vallejo thinner (The White one) included a retardant to slow the drying down, but I only ever used that to thin the paints for brush painting, I didn't like it for airbrushing. However Vallejo have changed the formula of their thinner and it is now based on their Airbrush cleaner, it is also now sold as Airbrush Thinner, and it looks to be an improvement on the old thinner for airbrushing, unfortunately its not as good as the old white one for brush painting, typical!. The old one included resins to help the paint stick and the new one does not. You could use water but I have always found water weakens the bond slightly, which might not be an issue but as Model Color is a vinyl based paint and is very weak structurally and easily damaged and rubbed off I don't like to do anything to make it even more prone to damage.
Also don't use IPA to thin it either, with most but bizarrely not all the Model color range will turn to jelly if alcohol is added, although according to Vallejo, their Airbrush cleaner contains some alcohol and that has no affect on Model color other than to clean or thin it, so small amounts must be ok but not high amounts as in IPA which has from 70 to 99% alcohol depending on the type bought.
Paul