I refinish a ton of gun stocks with varioius oil and surface finishes....I usually use Watco's Teak Oil finish. It is about as water resistant as Tung oil, but give a better glow to the wood, more of a nice semi-gloss finish, as opposed to the matte finish of the tung oil. The secret to making it water proof is to soak the wood in Thompson's Water Seal before the first coat of teak oil is applied. Wipe off the excess after 15 minutes and let dry overnight...then use your teak oil. I like to sand in the teak oil with 320 grit, twice, 400 grit, 600 and on down to 800 or finer, depending upon how much of a sheen you want to achive. Naturally, with the oil, you are NOT going to get a gloss, no matter what, but you can get it on up to a nice glow, so to speak. What you are trying to do is literally sand the dust/teak oil mixture into the pores. Let each coat dry about 30-45 minutes and wipe across the grain, pulling the excess finish into the pores of the wood. By the time you get to, say, 600 grit, you will have the pores just about filled up...and will be "polishing" from that point on.
I agree with Matt Shade: I do NOT like the Danish Oil Finish for the very reason he stated...it sometimes gets gummy and does not appear to dry well....Go with Teak Oil, and use the Thompsons Water Seal for the first coat.