Yes, jayemcee. The composition of creocote does vary, but it's usually a mixture of diesel and asphalt. Some manufacturers make it out of petrol and bitumen with some solvent naptha thrown in for good measure. The petrol is sometimes called petroleum condensates.
Spirit-based is commonly used to refer to something that's dissolved in a volatile liquid in the sense you're seeking. Diesel and petrol are both volatile, so yes, creocote meets your requirements. Mind you, you could also say that creocote is solvent-based.