all i use is homers tongue oil
it does take several coats,no big deal though
i hand rub in the first three coats,then the remanining coats(i do a min of 10 total coats,but i am anal)i wipe on and just let them dry
my bows have a furniture finish when done this way,it can be a bit shiney,but nothing a quick rub with xxxx steel wool cant handle
my father inlaw,carpenter/cabinent maker for 45 yrs self employed,told me if you do this it is all but water proof
never submerged a bow to find out,but have shot them in the rain and the waer just beads off of them.