So long as the blades & joints are kept reasonably clean & dry, pretty much anything will work for lightly oiling them. I lightly lube the pivots on mine only once after each major cleaning of the knife (wash in hot water with dish soap, thoroughly rinse in hot water), and generally don't apply any more to the joints until the next time. How often I do that, depends on the joints themselves. Over time, carbon steel-bladed folders will accumulate some black 'dust' in the joints, presumably from the steel rubbing off between blade tang and backspring. With a little bit of oil in there, it'll start getting kind of gummy, which will also tend to attract lint & other debris. When I start noticing the blades getting a little 'slow' in snapping shut, that's when I'll do the hot water & dish soap bath. In the interim, I just wipe the blades down after use, usually with Windex on a paper towel, or isopropyl alcohol.
Letting carbon steel take a patina is a good thing, as it will slow down the onset of red rust. I noticed this recently, when tinkering a little bit with the patina on my Schrade 8OT (1095) using vinegar & hot water. Portions of the blade that had been previously patina'd just turned darker (almost black), and the previously un-patina'd portions developed a little bit of red rust, which I promptly cleaned up with some baking soda. That was something of an eye-opener, in illustrating the effect of patina (black iron oxide) on inhibiting rust. It obviously won't prevent rust completely, but it does slow it down.