Ballistol = Ballistic Oil. It was developed by the Germans for an all purpose military field lubricant and cleaner and is very good stuff.
Several threads on it are in the black powder and cowboy action shooting forum so go read there. It's very popular with black powder shooters, and many of us have learned to love it for other uses as well. I mean, anything that was originally made to be a leather dressing, weapons cleaner, and skin antiseptic can't be all bad! Clean your rifle, polish your boots, and then deal with your cut finger.. what's not to love?
Go Google the stuff, it's a pretty historical product. And... it works.
And like WD-40 or Hoppes #9, it has a distinctive smell that wears on you in a good way. I associate it with good times spent cleaning up afer a day of shooting.