It's putting oil on a gun, don't over think it. Put the oil on, wipe the excess off.
This may put me in the "over thinking it" category, but I use microfiber cloths when cleaning the guns, and they're *really* absorbent, and the individual fibers are much smaller than what you'd see in a typical cotton rag. As such, I worry that when I wipe down the gun after oiling it, I'm actually wiping ALL the oil off of the surface.
Does there need to be a visible sheen of oil left on the gun, or will there still be oil on the finish even if I don't see it?