Frode,
The way I typically do it is oil it up until it has a very thin cover on it, not where it is super oily/shiny, usually with just some cheesecloth/paper towel and wipe the remnants off with a clean cloth.
Then I take it and rub it down with the cloth until I can tell that the oil has been worked in, you don't need very much oil for the way I do it and you don't want to put to much on because you will have a hard time with getting the beeswax worked in later. Just polish it with your cloth until you can't tell that the oil has been applied, you don't want to be able to have oil on your hands when you run them over the bow.
Once it's clean of any remaining oil I take the beeswax and work it all over the bow, kind of like you would a surfboard or the bottom of a skateboard. Then you rub the snot out of the beeswax until the friction is basically melting the wax and working it into the wood, it seals it a bit but it's not like a chemical seal, so it's not water proof. It will bead off most water and you have to reapply the treatment every now and then, 1 or 2 every year depending on how rough you are on the bow.
Doing it this way doesn't give it a super shine like some of the chemical treatments, but like I said it's just my preference to do it this way and I am not a professional woodworker, so it may be the wrong thing to do entirely
I just like the way it looks and it gives my bows a measure of protection from water and hand oils, plus they smell like honey which may not be a good thing for hunting
I also like that it gives it a natural luster to the finish and it's not to glossy, I'm not particularly fond of glossy bows. Some of the glossed ones are really pretty because it brings out the character of the wood, but again it's just personal preference that I do it this way.
I have noticed that my bows tend to be affected by weather more than some of the treated bows that I have shot on the same day, so you might want to take this into account. I don't mind working with change in bows though and for me that's just part of the character of these wood bows. If I wanted something that wasn't sort of alive in my hands I would shoot a modern bow with all the fixins.
