The idea is to heat the gear oil (is very thick) to a temperature where it becomes quite fluid, you then drop your chain into the heated oil which will then penetrate the pins and rollers of the chain. Remove chain from the cooled oil and wipe off excess leaving the now cooled thickened oil in the pins and rollers. It works great but any excess oil that works its way onto the outside of the chain acts like fly paper and clogs up with dirt and debris very quickly.
thats what my grandad would do with his old triumph bonneville (motorbike) chains he always had 2 chains, i remember him heating up an old tin plate full of oil and chain,on the kitchen gas cooker ,still remember the smell.great way of getting heavy oil into the links.
my own view on chain oil is the thinner the better unless you are prepared to use the heat treatment, leave for a few minutes and wipe of excess with a rag and some cleaning agent.