Jim,
Chamber's oil is a wipe on, wipe off finish.
If you put it on heavy, it will NEVER dry.
I have no idea how it could streak, unless that part of the wood is just absorbing more.
You apply it like a tung oil sealer/finish. Slop it on till it looks like it will absorb no more, then wipe it all off. Let it dry 24 hours. Repeat as necessary.
Stuff works great.