Most wood oiling products are made from mineral oil (sometimes alone, other times with additives). I didn't want to use that on my cutting board because it's a petroleum by-product and I'd rather not eat that.
I also oil my wooden spoons sometimes.
Veggie oils are not recommended because they will go rancid in time and by the time they do they will be deep inside the wood surface. I use coconut oil, which is shelf-stable at room temp, something to do with the saturated fats in it, if I recall correctly? I use the non-virgin kind so it does not have a coconut taste/smell. Just warm it up a little so it's liquid, rub into the board going with the grain, let stand for a few hours and wipe off any excess with a dry cloth. You may need to repeat after cutting acidic foods like lemons or tomatoes, but I'm not particularly strict on that. If you get some odours trapped in the board you can scrub with salt and lemon juice, re-oil it after that for sure.
I think we had a similar thread in here not long ago, it might have some more info too.
