I used to fool with all sorts of penetrants from alcohol to diesel/gasoline/varsol etc. Tried a dozen commercial products with about the same success.
This is what I've been using for the last five or so years. LIQUID WIPE OUT. The version that comes in a plastic bottle as a liquid, not the spray foam, although the spray foam will work just as well but it's messy.
I take a swatch of 000000 steel wool and clean the oil out of it in alcohol or if there will be a lot used, boil it in water, then heat it in the oven to dry or it will rust almost immediately. Then store it in a sealed baggie.
I take the cleaned steel wool in a "small" pinch. You don't want or need a large wad of it. Then put a few drops of WIPE OUT onto it. It may take more than a few drops but not much. You want to be able to WET down the surface of the metal while using the steel wool to break up the rust and allow the WO to penetrate.
Now, the biggie. Patience. Let it sit for about ten minutes and repeat. Often just the two applications is enough to remove the rust, especially if it's very fine surface rust.
Here's what to expect. If the rust spots are fairly large, when they are removed, the rust will have dissolved the "BLUE" which is another form of rust. This means the effected areas need to be cleaned of all WO residues and some cold blue applied to match up the spots.
Wipe Out is very aggressive when it comes to removing rust. It will cause it to dissolve right down to the bare metal and it will do so quickly.
Wipe Out is quicker and easier to clean up for blue touch up than oil is as well.