there is no need to manually clear the WOL cache, as it expires outdated entries based on the time frame you have chosen within the "Who's Online Timeframe" setting. if it is not set, then it defaults to 10 minutes.
The function is "clear_online" and is run each time anyone adds a post, visits the login page, logs out, views the wol page, cookies are managed, or an admin manually clears the cache through the control panel cache manager