The whole point of methanol injection is to cool the intake charge. Methanol has a slight higher latent heat of evaporation (1104 J/g) than ethanol (841 J/g), so ethanol would be almost as effective as methanol. Actually, water is even higher, at 2257 J/g. However, issue with water is that it does not flash into gaseous phase as readily as the the alcohols. Splash both on your skin and feel the difference. Methanol has the lower boiling point of all 3, which is why it is excellent for this purpose.
If you use ethanol, just lower the amount of water in the mix, to get closer to the effectiveness of the typical water-methanol mix.