Have to pick up some of that soon!! Thanks!

Watco Danish Oil walnut color is very good too.

Formby's isn't really Tung oil, it's a wiping varnish with some component made from Tung oil, but Formby doesn't disclose the actual contents. Based on the number of coats required to build any finish and the drying speed I think it's mostly mineral spirits.

Correct, it does have some kind of varnish in it. Nobody but Formby's knows exactly what it is, but it works great.

However, I believe oil is actually one of the major components. The shrinkage is minimal so I don't think it's air drying, it appears to oxidize and solidify just like any natural oil. This process is pretty slow when you use it out of a fresh can, but gets quicker the older the oil is. I usually have 2 or 3 cans going, so I can use the thin, fresh oil for the first application (penetrates well) and older, thicker oil for the following applications (builds up the finish quickly).