Favorite oil for good old tool steel?

We've been talking this one over at work:

What is the best oil for chisels and whatnot? I use camelia oil, but it doesn't stand up to real wet jobs. Linseed oil works well, but is a little slimy. WD-40 stinks, as do all the other aerosols.

We figured some old timer must have a formula, one part pine tar, two parts, who knows what?

What's yours?

Thanks for sharing--

Zach

I use butcher's wax. Seems to work pretty well, though sweat and fresh oak can somtimes cause temporary discoloration.

butcher's wax has been used by many for a long time to condition/protect table saw beds, joiners and the like with good success. Use it sparingly.
The most brilliant shine I have ever seen on a big bandsaw rig was in Germany where the sawyer used a rag dampened with vegetable oil a lot.
Saw no corresponding stains on recently cut timber.
get your steel rust free and clean before waxing or oiling with any product.
an old sock lightly dampened with a preservative oil (including WD40) makes a great rust preventive storage trick in the tool box.

Here is my 2 cents worth on this subject:

I use WD40 IF I am cleaning away rust and polishing, but to store I use 3 in one oil, which is a very fine oil, used extensively for oiling sewing machines, clocks etc. I just put some on a clean rag and rub on a very light film. this will discourage the return of the rust for some time, but the surfaces must be redone occasionally.

Thanks everyone. I haven't heard of butcher's wax, but I'll look into it.

An old shipwright told me of a recipe with tallow, linseed oil, and I can't remember what else. I'll pursue this with some shipwrights and post any results.

Zach