The one listed
here seems to indicate it's an adhesive, unless they have their info mixed up (quite possible)
"Arctic Alumina thermal adhesive is a two part permanent adhesive for thermal joints in minimum bond line applications. It is not intended to be used between a CPU and the CPU heatsink. On a CPU please use a thermal compound such as Arctic Silver 5, Ceramique 2 or Arctic Alumina."
From what I can gather, Alumina is preferable where you need to ensure there's no electrical connection, but which is the better from a purely thermal perspective?