I've always used teak oil, and have been happy with the results. To clean it, I use a pressure washer, which makes quick work of it. Just be sure to use a wide spray pattern, don't get too close to the wood, and keep the spray moving, or else you can remove a lot of wood. But, it really makes it easy to clean the "no skid" grooves that are cut into the coming box covers, which would be very difficult to sand.
As a note, there was a can of teak oil in the boat when I took delivery at the factory.