LP...You mean the OSB stuff?
I always recommend against using caulking on wood siding, but this plastic stuff, well...As long as it's sealed on all sides...For all the characteristics you're looking for, I'd suggest
Vulcem, made by the TremCo company. It's a one-part polyurethane that does everything on your list. Between $4 and $6 a tube, if you can find a dealer. I think Lowe's still carries it. It WON'T tool like latex, just so ya know...
You can paint over Vulcem in about 24 hours, depending on the size of the bead. But beware; A sealant that expands and contracts is all well and good for an expanding joint, but a coat of paint that is as stretchy is a different animal. The caulk joint may not fail, but the paint will still crack...
Good luck