I use Minwax Tung oil on my oiled necks. It is a polymerized tung oil with a little varnish so it dries quicker. I am currently in a process of doing a neck with Birchwood and Casey's Tru-Oil (what EBMM recommends) and, so far, I prefer working with the "tung." The Tru-Oil leaves a great high gloss finish though.
Anyway, I treat my necks as EBMM does. I do this all with the neck off. If you want to leave the neck on, get a lot of tape on the bass (including over the magnets if you use steel wool.) You give the neck a quick sand with some 0000 steel wool, just to get it smooth. Even with the neck off, you will still want to tape the headstock or anywhere finished with poly to prevent scuffing. EBMM pour a little oil on the neck and wipe it down. After doing so, immediately wipe it off with a fresh shop towel. Let it sit and dry for a few minutes. Then repeat two or three more times with a little buff between coats. After the 3rd coat (tops), just wipe the neck down with some wax. I use Zymol, I just wipe it on and wipe it off in the same fashion. I tend to do a second coat of wax too.
I do not touch the fingerboard. The oil is a sticky mess so I just tape off the board. If you need to clean it, I have used a razor blade to get the serious gunk off mine. EBMM wonder wipes are actually pretty darned good for cleaning.
Expect to do this 3-4 times a year at absolute most. I probably do mine every year or so and most EBMM players I know never do it. You can tell when the neck needs a touch-up, you can feel the pores. Do this all outside or somewhere with a concrete floor that you can afford to damage. Both the oil and wax will leave stains. I sit on my front step and do this, there are permanent spots on one of my concrete blocks. When I oil in my mechanical room, I put down a thick layer of newspaper. The oil will slowly soak through several layers. You do not want to worry about that when you are all covered in oil.
Here is basically the same info with a little more detail:
Removing A Neck Finish
