If you warm the oil up, it absorbs faster, and cures a bit better I've noticed. After about 15 coats of oil on a walnut stock on a friends winchester lever action, I took and used buffing wheels and buffing compound to finish it off. He nearly cried he was so happy with it. The old cracked and oxidized lacquer was hiding some absolutely gorgeous wood under it. I wish I had good pics of it.
Keep oiling it until the whole surface builds up evenly. You'll know when it happens. It'll build up on the surface and be all scummy on the surface. I use steel wool to take that off, then buff and wax.
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