I've used Minwax Tung Oil Finish.
Clean the wood well, rub the oil in with your hands. I think I spent 10 or 15 (30 if you're really serious about it) minutes rubbing it in, or long enough until the wood stops absorbing the oil. Then give it a quick wipe and let it dry for 24 hours. Lightly sand with 0000 steel wool and repeat the oiling. Do this for a week. Skip the sanding on the last coat.
Now if you're crazy about the finish, the old saying goes, "once a day for a week, once a week for a month, and once a month for a year." This will give you an amazing finish.
One thing about the rags, a big enough pile of oil soaked rags can combust all by itself. Just be careful.