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Don't use any food type oils i.e.. Olive oil, corn oil ,or canola oil. These will all go rancid. The safest thing to use .medical grade mineral oil, you can get this in any pharmacy .
straight out of the bottle, apply several coats, waiting until it is absorbed the adding additional all coats until it doesn't absorb more. PS. Don't wash in the dish washer!
Table Saw Class
I wouldn't recommend using pallets. Many of them have been used multiple times and may have potentially dangerous chemicals that have soaked in.
Great Project. To address a couple of comments:Vegetable oil is good on salad but will go rancid on cutting boards, mineral oil in a grocery store or pharmacy is cheap, safe and of medicinal grade. Mineral spirts is for cleaning paint brushes and thinning paint.Don't use pallet wood as it may have potential dangerous chemicals on it.