Linseed oil was the main difference between the two way back and probably still is. The linseed oil hardens to make the hard, long lasting characteristic of lino. Lino originally was all organic materials, flax, lin oil, and the cement. Color fading of the lino was and still is the main defect of lino. That is why its mostly seen and used in industrial use.
But, here is the kicker, vinyl used pvc, which lino did not, But it is now. This is used to keep the colors vivid. .
Todays lino and vinyl is becoming almost the same.