The oil gives the wood a rich and natural finish and protects it as well. Anything you spray on the wood can eventually begin to wear off and/or discolor. When I cleaned up the stock on my Garand a few years back, I rubbed wood oil into the stock and handguards to keep the wood's natural look and to keep the wood moisturized. To me, it is a better choice.
Thanks for the advice. What kind of oil would you recommend? Linseed, Tru-Oil, etc? I've actually got something called "George's Club House Wax" that I may try first.