Any line in $\mathbb{P}^{3}$ is an intersection of two planes. In order to understand what lines are inside the quadric $xw=yz$, it is enough to understand when the hyperplane sections of $xw=yz$ in $\mathbb{P}^3$ contain a line.
Let $ax+by+cz+dw=0$ be a plane in $\mathbb{P}^3$. By Bezout's theorem, the intersection of $ax+by+cz+dw=0$ with $xw=yz$ is a curve of degree 2. If this curve is irreducible, then there is no hope of finding a line there! If this curve is a union of two lines, then we have successfully found a pair of lines.
So we need to understand what conditions need to be imposed on the coefficients $[a, b, c, d]\in\mathbb{P}^3$ such that the plane $ax+by+cz+dw=0$ intersects $xw=yz$ in a pair of lines.
Claim. $ax+by+cz+dw=0$ intersects $xw=yz$ in a pair of lines if and only if $ad=bc$.
Proof. $(\Leftarrow)$ Multiply $ax+by+cz+dw=0$ by $w$ and use $xw=yz$ to get $ayz+byw+czw+dw^2=0$. This is a plane curve in $\mathbb{P}^{2}$ (with coordinates $y, z, w$), unsurprisingly. Now, multiply both sides by $b$ to get
$$
abyz+b^2yw+bczw+bdw^2=0
$$
Use the hypothesis $ad=bc$ to get
$$
abyz+b^2yw + adzw + bdw^2 = 0
$$
which conveniently factors as
$$
(az+bw)(by+dw)=0
$$
so we get a pair of lines.
$(\Rightarrow)$ I will leave this as an exercise. Try to factor the quadric equation, and show that such a factorization forces $ad=bc$. $\square$
So now we can answer the question "What are all the lines on the quadric surface $xw=yz$?" Well, the proof of the claim shows that the lines on $xw=yz$ are of the form $az+bw=0$ and $by+dw=0$ (viewed in $\mathbb{P}^2$ with coordinates $y,z,w$) such that $ad=bc$. Here $a, b, c, d$ come from the hyperplane $ax+by+cz+dw=0$. Now once you can fix any $[a, b]\in\mathbb{P}^{1}$, you get the line $az+bw=0$. And if you fix $[b, d]\in\mathbb{P}^{1}$, you get the line $by+dw=0$. I think these two families of lines are the desired rulings.
I am very interested in seeing a more concise and conceptual answer!