I have had excellent results using Watco Marine Oil, which is sold in most hardware stores. Since you have already been using teak oil, all you need do is sand the rough spots, wash down the teak using a scrub brush (like a small kitchen utility brush) and a strong solution of Mr. Clean, then (when the wood is dry) apply the Watco with a rag or brush. The wood is protected and looks good -- and it is a simple process to touch up as necessary with a rag saturated with the Watco. I usually re-applied the Watco every six months when I kept a boat in a marina on SF Bay. Poco is kept in our garage and I haven't re-finished her teak for over two years... and her brightwork still looks yar.

If you decide to use Uncle Billy's pine tar wood oil, let us know how it works. Sounds like some kind of down home concoction out of the hills of Appalachia.