I make a wax/oil finish that I use for utility items such as tool handles. I start with a standard commercial paste wax - I've always used Crystal Clear, but Minwax, SC Johnson's or Trewax should also be fine. Using a standard 35mm film canister as a measure, I blend a measure of wax with turpentine to make a thick liquid. I then add one measure of oil and enough additional turpentine. This isn't rocket science, so the ratios don't have to be exact - the goal is to create a liquid that contains roughly equal amounts of oil and wax, and enough solvent to have a consistency similar to maple syrup. Since I use this for utility purposes rather than as a 'fine finish', I use boiled linseed oil.
It should be possible to substitute paint thinner for turpentine although I prefer to minimize the use of petroleum solvents (although commercial paste wax does have a petroleum component). Likewise, mineral oil, Tung oil or walnut oil could be used instead of BLO.
After mixing, and before using, shake well to make sure that the constituents are blended. Apply to the turning, and then burnish by spinning the turning while rubbing the finish until lit develops a lustre. This is a penetrating finish, so the final impression is that of the texture of the wood. The finish can be renewed by simply rubbing more of the wax/oil mixture into the wood. It's use isn't limited to turned items - I recently refurbished an old pruning saw, and used my wax/oil finish to freshen up its wooden handle.