Velvit oil is a wiping varnish, it contains oil, mineral spirits and varnish. I once looked at the MSDS sheet, but I forget how much varnish, but I am sure it is not a large percentage. The varnish is what builds up faster and gives you the varnish shine. I only use Velvit oil when I do not want a shine, if I want a nice shine I either use Watco Teak oil, Tru-Oil or sometimes mix up my own.
Search Google for an article by Frank Whiton on on gunstock finishes, his method is work, lots of work, but te end result is one of the finest looking finishes you can do. You can use oil finish to get a nice sheen to a high dollar gunstock look, all depends on how much work you want to invest in your calls.
Marvin