I've never oil finished a wood stock, but as a cabinetmaker and woodworker i've oil finished miles and miles of other wood products, like wood counters, butcher blocks. Tables, shelves, etc.
Most wood products today are finished with some sort of film finish - a finish that forms a hard film on the surface of the wood. The most popular modern version would be some form of polyurethane. Shellac and varnish are older versions. Film finishes are almost always more durable, but they tend to give the wood that flat "wood wrapped in plastic" look.
Oil finishes penetrate the grain and really make the wood "pop". But they also provide less protection than a film finish, and they need to be re-applied frequently. Fortunately, reapplication is usually no harder than shining your shoes: just rub a little on, wait a moment, buff it off.
To increase durability, it is common to add some sort of wax to the finish.
In my shop, i exclusively use tung oil. I get the polymerized stuff from lee valley as it is easier to work with.
You can use boiled linseed oil (BLO), and it will look great at first, but as others noted it doesn't hold up as well and it does have a reputation for being a "poor man's oil".
Similarly, there are lots of cheap paraffin waxes out there, but i stick to pure bee's wax, which many local bee keepers sell in blocks online.
To use it, first i gently heat up the tung oil in a double boiler on the stove with a good exhaust fan running. Don't let it boil, and for the love, do not use your wife's good double-boiler, go to the thrift store and buy your own just for wood finish! When the tung oil is hot, use a cheese grater to grate in the bee's wax and a ratio of about 1:4 wax to oil. As soon as the wax is melted and well mixed, i pour it into mason jars and let it seal. Make sure to keep gently stiring the whole time, or the disolved wax can settle and you will get an uneven ratio from one jar to the next. Let it cool and set over night, and by the next day it should have about the consistancy or mayonnaise, maybe some $10 butter.
To apply, simply rub some in with a clean rag, let it sit for about 5 minutes or so, then buff it with a dry cloth. On larger surfaces, i use an electric car buffer. For a new project with bare wood, i will do 3 coats over 3 days, with a light scuff sand with 320 grit paper between coats. Then do a refresher coat whenever it looks tired. New wood always needs many more frequent refresher coats, older wood settles down and only needs a coat every so often. After you're done applying the finish, hang your rags outside to dry, then burn or discard them a couple days later. Never throw finishing rags directly into the garbage in a clump, they can spontaneously combust.
I have used this finish for many years now and found it to be both beautiful and very durable. I actually use it on all the work bench tops in my shop. My portable bench is made of maple and goes with me to all the job sites for cabinet installs, normally by boat to island jobs, so it's been carried through the forest, dropped into metal boats, splashed with lake water and plenty of rain, and i just give it a refresher coat every so often and it's as good as new.