I like oil finishes.
Tung Oil provides much better protection of the wood than BLO.
Tung Oil builds up faster than BLO.
A few tips on applying an oil finish:
Don't sand any finer than 220 grit. Using finer paper will close the grain of the wood and it won't take the oil.
Always use silicone carbide sandpaper (it is marked on the back of the paper and is grey in color).
If you are going to use a stain or dye do so after a coat or two of oil. This will make the color more even and will prevent dark spots where the end of the wood grain is exposed. If you are going to use a stain or dye, don't use the crap you find at your local hardware store: this is a good one
http://www.cheyennesales.com/catalog/beh15stain.htm
When you buy tung oil, don't get one that is mixed with a sealer like the Minwax stuff you get at your local hardware store. The sealer obviously will seal meaning that it seals with first coat and addional coats are useless. You need to buy either pure Tung Oil or a product like Behr #600. Both are avialable on-line.
When you apply the first coat or two of oil, cut the oil 2:1 or a little less with mineral spirits. This makes the oil thinner thus letting it penetrate deep down into the wood.
Apply the oil with 0000 steel wool. Don't use steel wool dry between coats. The steel wool will leave metal fibers in the finish which will look like crap and rust. Only use steel wool with lubrication like Tung Oil.
When you have achieved the finish you want, hand rub a coat or two of GOOD furnature wax into it. Not wax with any kind of a cleaner. Not car wax. GOOD furniture wax like Johnson's Paste Wax.
Have I mentioned to not get in a hurry and take the easy way out by buying whatever **** products you local hardware wants to sell you. Do it right, take your time. It is fun and you will be proud of the results. Buy good products: order on-line and wait a week. It will be worth it.
By the way, when I wanted to put on a good authentic looking oil finish, I researched the topic and ended up at the same place Valkman listed above. Most of what I said here is stuff I learned off that website with a few things thrown in that I learned from incorrectly applying an oil finish.
