Fat 454, engine oil, automatic transmission fluid, mineral oil, Chevron Shingle Oil. . . . Any non-hardening oil will do. Avoid hardening oils, like Tung oil, boiled linseed oils and other surface coats.
I thin about 15% paint thinner to improve penetration of the wood, but you could just put the straight, unthinned oil and walk away. it would still soak in. It would just take longer to do it.
You can apply the oil with a brush, roller, pump-up garden sprayer (you'd have to do that 15% thin to move it through the sprayer) or an airless.
With a garden sprayer, I can do about a 100' fence in about an hour.
When I get to the end of a run (your choice as to how long that run is), I go back and add wherever the oil soaked in (knots take the oil quickly).
For my current short cedar fence (only about 50' tied to cyclone), I use a roller and work straight out of a 5 gallon bucket. Just like when commercially painting, I dip the roller in the oil, then spin it by dragging against the insides of the bucket, as I pull it out. This wets the roller and reduces drips (but it will still drip).
Note that the more oil you get in the wood, the better results you get, of protecting the wood, and replacing moisture. When the oil replaces lost moisture, it swells the wood up, even taking it back to where it was when it was installed.
For example, I treated a butcher block cart with many obvious cracks, splits and glue joint separations with mineral oil. I kept working on it throughout the day by leaving oil at the project and adding where is soaked in each time I walked by, working on other projects. At the end of the day, I slathered a lot of oil on and walked away. I got sidetracked with other projects. A few weeks, when I checked on the butcher block, all the cracks and splits APPEARED to have disappeared, because of that swelling.
I nice, older lady (I'm probably as old as her, now, and she's, probably, gone) used to have me take care of her fence. I shared all this info with her, so she could get a high school kid to do the work, if she wanted. Her fence looked relatively new, though all the homes around here in the division had cracked, tired, gray fences.
How much oil you use on an application depends on where you're at in treating your shingles, shakes or fence. The more oil you apply, after previous applications soak in, the quicker the next application goes, if you are coming back to spots that soaked in quickly.
One nice thing about oil is, you don't have to strip a finish. You just go right over the previous application(s). If, like my fence, it's covered in dirt (dog games), I rinse it off with a nozzle on stream, let it dry for a few days, then apply the new applications.
When I did a cedar wall on a house on the coast, the first applications seemed to disappear in a couple months of what passed for summer there. The second coat seemed to do only a bit better. However, the third coat made that the cedar had been treated obvious five years down the road. That's because the oil applications are cumulative. Rather than evaporating, the oil wicks deeper into the wood, to dry parts. By the time THAT third coat was on, the project was enough toward total saturation (would have taken religious applications over several years, but, down the road, the wood would be nearly bullet proof and only need the occasional applications.
IF YOU USE A SPRAYER, wear a respirator. The oil will mist. It will mist a lot. You don't need that in you.