My dad preserved his ladders (never paint a ladder; only clear coat to allow for inspection of its structure's soundness) with the raw linseed oil which had been thinned somewhat. The ladders did eventually dry, but they were gummy for quite a long time. I think this approach because the longer cure time would allow for deeper penetration--something you'd want to maximize for something wood that is periodically exposed to the elements. I'd rule out the raw.
Brush on a light application of the boiled linseed oil, and after it sits for ten or fifteen minutes, remove all the excess you can with a clean towel, alternated with brushing out the grooves with a paint brush. Set aside to dry after the final wipe. If your towel is white, you can check your progress as you go,by examining what comes off, or not, onto the towel. This will seal the outer surface of the wood, yet leave it the lightest color possible, and least like it has a "finish" on it.
Seems to me I've heard the boiled linseed oil touted as the original factory treatment? Tung oil, etc. could be applied in the same way with the same results.
Stay away from any vegetable oil, as they turn rancid.
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