Kenny
The advantage for me is that the oil's really bring out the grain and color of the wood. I use Walnut, Cherry and Butternut. The oil also offers more protection and is easy to apply. The other nice thing is if a carving looses it's luster over time it just needs to be buffed out to bring back it's satin sheen. And you can recoat or repair the finish simply by applying more with out striping the old finish.
The nice thing about Tung oil is it is more resistant to mostiure and even alcohol. Tung oil also does not yellow over time as Linseed oil will. Raw Tung oil takes forever to dry this is why boiled Linseed oil is also used. The driers in Linseed help cure the Tung oil. Tung oil alone will give you a dull matte finish.
At times I will use just straight wax ( Butchers Bowling Alley Wax ) but I am my partial to using the oil's.
If you would like to try some oil I will send you a sample
Or if you mix your own use equal amounts of Tung and Linseed and heat in a double boiler or glue pot and add shredded Bees wax.
You can thin this mix with either Turpintine or Mineral Spirits. I use mine straight. Mineral Spirits will help the oil dry a little quicker than the Turpinetine. I tend to like the smell of Turpinetine better.