i use a combination of linseed oil and a home made oil-poly blend. with red oak or walnut, i'll give it a good bath in linseed oil. it soaks it up pretty well and takes several applications before it is saturated. once saturated, i'll rub on the poly blend which is very similar to tru oil. it soaks in the surface and dries hard. additional coats will build up a film. three is usually plenty and i go with light coats. with ipe i go directly to the oil-poly blend. the wood is already oily and very resistant to moisture. the finish just serves to seal it a bit more and add a nice look to it. i haven't used other woods a whole lot.
the recipe for the blend is pretty simple. mix 1/3 each of linseed oil, polyurethane(i used minwax gloss), and mineral spirits. i use it to finish most of my wood projects.