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I agree with Nod. You need to use a food grade oil - some silicone oil sprays are approved for use in the food industry, but I wouldn't be keen to eat off plates oiled with them.
Avocado oil may be an option.
We have a couple of home-made wooden chopping boards and I have never oiled them. Do you need to?
EDIT - sorry - didn't read all posts.
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Of course you do expect spliters, extra cellulose with your meal :)
adds to the fun
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I've used orange oil in the past and worked well - yes strong orange smell for a week, but works and is safe for food stuffs.
Olive oil might be little to thick and you'll find it becomes sticky and messy unless you apply very very little?