OC8 is an over the counter cream that is designed to reduce the appearance of oil (the best thing I've found and I have VERY oily skin). It's a white liquid which dries quickly after you've put it on. I don't think it's designed to reduce redness but it helps.
The name comes from 'Oil Control' for 8 hours.
It also seems to smooth my skin out slightly. It slightly reduces the redness of the red marks from previous zits (which I have loads at the moment after a breakout... perhaps from B5), but I think it gets the general redness (from sensitive skin) reduced more.