there was a big thread about this a while back.. i 4got what the general consensus was, but try doing a search for it...
For me personally, I do mine in a weird way:
i warm up some plain extravirgin olive oil (about 2or 3oz)
and use 1 part warm water
I pour them both into my spray bottle and shake it up real good.. it never completely blends,but it gets close. and i spray the mix on my hair.
The bottle makes the application really easy.
My hair feels damp-wet when i'm done. I cover with 2 or 3 caps and go about my business for an hour or so. rinse lightly and wash and condit as usual.
I add water to mine b/c I FEEL it opens my hair cuticles somewhat and allows to oils to penetrate better. I've tried oil on dry, and didn't really think it was effective.
That's what i do, many other ladies her have mixtures and other oil blends that work well. I just use the olive oil cuz i get lazy, and its cheap /images/graemlins/wink.gif