An apparatus and method for reducing temperature along a bottomhole assembly during a drilling operation is provided. In one aspect the bottomhole temperature may be reduced by drilling a borehole using a drill string having a bottomhole assembly at an end thereof, circulating a fluid through the drill string and an annulus between the drill string and the borehole, diverting a selected portion of the fluid from the drill string into the annulus at a selected location above the drill bit to reduce pressure drop across at least a portion of the bottomhole assembly to reduce temperature of the bottomhole assembly during the drilling operation.