The oldjava command was removed with bugid 4305613. There are still
references to the old behavior embedded in a few places in the runtime.
A grep for "oldjava" turned up:

src/share/vm/prims/jvm.cpp
src/share/vm/runtime/arguments.cpp
src/share/vm/runtime/reflection.cpp
src/share/vm/runtime/arguments.hpp
src/os/solaris/launcher/java.c
src/os/linux/launcher/java.c

Bugid 4454988 deals with a similar issue in the JDK workspace.