K2R works very well. Also corn starch. Cornstarch absorbs the oil in the wood. Put it on, rub it in, wait a few hours and brush it off/out. As with kitty litter, several applications will most likely be needed to get the oil out of the wood.

Once the oil is out of the wood, seal the wood with epoxy, thinned about 10% by volume with acetone. Depending on air circulation and temperature, this will take several days to dry. Another option is to use clear fuel proof dope (Aerogloss).