I use the pure neatsfoot oil and it's an oil (liquidy). I'm talking to be able to achieve a thin coat by just brushing it on. Right now I'll sometimes moisten the leather and rub on the neatsfoot to get a thin coat after the water evaporates. That doesn't work as well in the crevices. Lexol neatsfoot compound has some type of solvent which evaporates after application. Who knows what else is in it though.
That's gonna be either an alcohol or petroleum product like I was talking about. As I recall, Lexol always smelled 'alcoholy' to me but they never listed it as an ingredient. It's why I never used it. Does it still have an 'alcoholy' smell?