A compressor system can include a lubricant injection system useful to supply lubricant to an airend. The compressor system can include a variable lubricant flow valve which can be regulated by a controller on the basis of operating conditions of the compressor system. In one form the compressor system also includes an oil separator and/or an oil cooler with or without a thermal control valve. The controller can have one or more modes of operation, including a mode in which the controller regulates the flow of lubricant to the airend to increase an internal flow area of the valve when the airend is operated at an unloaded or loaded condition. In some forms the controller can regulate the lubricant flow valve and/or the thermal control valve and/or the lubricant cooler.