Caring for a Rusty Racer

Linseed oil would be perfect - goes on with a rag, dries to a hard finish, doesn't rub off on your clothes, has a satin finish, and protects excellently against rust. Use the thin straw-coloured linseed oil (found in art shops for mixing paints) - the thick orange stuff used for preserving wood has a yellowy finish.

+1 - I've used this for the same purpose