Right, I've checked it out, and yes, it is the full version of speedtree. Unfortunately, Oblivion was made with the old 4.2 version, and uses .spt files, and whilst this version, (speedtree5.0) can import .spt files, it cannot export them, and instead save the trees as .spm files, which are apparently significantly different in structure. It can export trees as .obj files, which one could open in blender, but it wouldn't make the trees act as trees in oblivion, alas.
So whilst you can make lovely tree models using it, you cannot make oblivion "trees". Unless I find a way to work around this, which seems unlikely. It's possible someone who is more savy than I can find a way to make oblivion accept the new tree files, and that would entail integrating the Speedtree SDK into the oblivion engine, which currently contains the old SpeedTreeRT instead. It sounds a bit iffy, legally, and is probably very very hard to do.
On the plus side, TESV will probably use speedtree 5.0, so when (if :cold: ) that comes out, we'll be able to make new trees for it!