When should the jungler buy the oracles instead of the support? What are the advantages and disadvantages in terms of gold distribution between the two and the allowed aggression with the added penalty on dying?
Often, supports, due to their nature as 0cs champions, run out of gold to purchase both wards, oracles, and the items necessary to survive. If a team's support is weak either from lack of gold or being denied experience, then it can be extremely dangerous for the support to go anywhere on the map where enemy wards might be. This can be rectified by giving the support an escort, but even so, the support will typically be weak, and runs the risk of getting stunned, snared, or even one-shotted by champions with strong burst damage.
During the early game, oracles is actually much more potent on a jungler than on the support because the support will typically be confined to bot lane protecting the carry, with an occasional trip to clear and ward dragon. The jungler, on the other hand, by nature of the role, will be wandering the map and covering significantly more ground. Junglers are also, as a rule, tankier than supports. While Alistar, taric, and nunu all have the potential to get fairly tanky, they will still typically be easier to kill than almost any jungler.
During the mid and late game, it is often better to have the oracles on the support simply because if the enemy chooses to use their burst on the support during a team fight, then the rest of the team can typically take advantage of the enemy's poor target selection. Killing the jungler, however, has far greater consequences for team fights, since it makes it nearly impossible to contest baron or dragon without smite.
Oracles is great on a jungler when they can move around the map quickly and they are hard to kill. You will often see it picked up on a jungle udyr or jungle alistar. The reason it has great synergy with jungle ali is that when he turns 6, his ult will keep him from dying in the jungle, and he's also incredibly gank reliant for his gold (he's slow in jungle in comparison to many junglers). Udyr is naturally tanky, has a stun and a speed boost to move around. It's not worth it to buy it on a jungler who isn't going to be ganking often with threatening ganks. A warwick for example would not benefit much from getting an early oracles.
If you are playing an aggressive counter jungler like shyv, mundo, udyr, nunu and so on it's good to have the oracles to continue the disruption and countering since wards are gone and you accomplish both countering and map control. If you are playing with a turret diving team it's not a wise idea to get it as your jungler such as nocturne, amumu, lee sin.
Often when running a tanky jungler it is very useful to run orcales, because it help you gank lanes, and if its a lot harder for enemy team to kill you versus your support it will save the team gold over all, and make the enemy team want to focus you more. Most of the time though you only want to do this if you have an early advantage, not saying a jungler should never pick up an orcales. But more or less for an early orcales to keep map control and apply pressure, this only works if you are able to get early kills, and keep feeding your lanes as the jungler.
Also if your support is behind, and is lacking on GP10's and are having to ward very heavy, and if they keep dying it gets very expensive for them, it just mostly lights their load, and like I said before hopeful makes the enemy team want to target you even more.