###It has no other properties. It just does what the spell says
It has no other properties. It just does what the spell says
JC's tweet is meant to reinforce the idea that spells do only what they say that they do. All of the information you need to successfully use a spell in any generic case is wrapped up in that spells description. Any special interactions have to be specifically noted somewhere.
So, to answer your question more up front, he's saying that the grease is not flammable. If it was definitely flammable, the spell description would have mentioned that.
###What about its physical properties? (Color, Odor, flammability, etc.)
What about its physical properties? (Color, Odor, flammability, etc.)
Since the spell does only what it says, we have to assume the intent is that the grease has no particular color and no particular odor. It also isn't flammable. We know this because the spell doesn't specify any of these properties. So, aside from being slick, making people fall prone, and turning an area into difficult terrain, the grease is nondescript.
If you want, you have the right as a DM to rule that the grease does in fact have a particular property. You could rule that the grease smells a certain way, or has a certain color, or that it is flammable. However, doing so is the equivalent of making a house rule and another DM would be equally justified with giving the grease different properties altogether.
###TL;DR
TL;DR
JC's tweet describes to us that if a spell that was intended to have a given effect, then that effect would be printed in the spell description. As far as the grease is concerned, there is mention anywhere that the grease from the grease spell is flammable. Ergo, the designers of the game did not intend for the grease to be flammable.