This isn't really a matter of either or, as most companies that make wooden products recommend using both. We generally recommend 2-3 coats of 100% oil as the first layers. Let each layer dry before adding another one. Then, add some conditioner after the oil layer has dried, which is usually a combination of beeswax (or other wax) and oil. This helps to seal the oil and prevent water from getting in, and the oil you've applied from getting out.