This is a stained and tru-oiled neck.
http://i9.photobucket.com/albums/a83/sixt6...iser/NJ1-10.jpg
They can come out very shiny or you can dull down if you'd like which i heard makes for a faster finish.Heres a write-up from one of the guys on here.Enjoy.
How To Tru-Oil A Guitar Body and Neck
If you are starting with a bare wood neck that's been prepped (by prepped neck, I mean a neck that has been sanded, and whiskered. “Whiskering” is using a damp cloth to raise the grain after which the wood is sanded or steel wooled to remove the "whiskers". I recommend whiskering at least 2-3 times before staining.) , the first thing to do is to stain the wood.
What I use is Stew Macs' vintage amber water based stain. It's able to be adjusted to whatever shade you like very easily. Also, the stain is carried into the grain more deeply because the water doesn't evaporate as fast as alcohol, or oil based stain. This is what gives the grain "pop" you hear about.
Normally I stain, let dry, steel wool the neck with 0000 steel wool, wipe down and stain again. Then LIGHTLY steel wool again just to smooth the wood and remove excess stain from the surface.
After the stain is the color you like you can begin applying the oil. This is done by dipping your finger into the bottle and applying a generous amount to the wood, rubbing it into the wood with two fingers I try to apply enough oil to cover about 3-4 inches at a time. On this first coat you can go fairly heavy with the oil as the neck will drink it in.
Try to work in such a manner as to always be working the fresh oil into the oil you just rubbed in, smoothing and blending it together so there is no seam between the two areas. When rubbing in the oil try to be brisk so the oil heats slightly from the friction.
When the neck has been covered let it sit for several hours, or until it is no longer tacky, at which time you repeat the process. You'll find that after about three coats the oil will begin to build, and less oil will be needed to coat the neck.
Steel wool the neck lightly, after about four coats, just to create a nice smooth surface for the next coat. I usually apply 7-8 coats and after the final coat I let the neck sit overnight to allow the oil to harden.
When the oil feels dry and hard I very lightly steel wool the finish until it's no longer shiney. Try not to remove alot of the finish, just burnish it to remove the high gloss shine. let the neck sit for an hour or two and then use a clean cloth ( Old denim or T-shirt cloth works well) to buff the neck up and down fairly fast and you will bring the finish to a nice sheen!
This finish will be fast, but, it will get even faster as it cures, say a week or two. I try to finish the neck on a guitar first so that when the body is ready the neck will be well cured and feel as though it has been played for ten years!