That which works for nickel will work for cobalt. I would expect the oxide to be non-magnetic and the metal itself to be slightly magnetic based on the fact that you can move metal in suspension with a magnet. You're not saying what application you envisage for the material. However, I'd be considering a sterically stabilized system on an inert support (such as silica) after the appropriate reduction stage.
What kind of Cobalt oxide nanoparticles. If you want to synthesize ferrites which are oxides you can do it with simple co-precipitation method of Co and Fe ions. Search articles from Sašo Gyergyek.