OIL: takes 24 hours per coat to dry, takes two coats min. does have that lingering smell. does collect dust while in the drying process. Dust is the killer of a good job. It does leave a yellowing tint.
WATER: takes maybe one hour per coat to dry. Needs three to four coats. No smell. Does not collect as much dust as drying time is much shorter, no yellowing at all.
My opinion: Water will be as hard as oil if you do the three to four coats. more and more professionals are swearing by water since its faster and less dust and no smell.
If your from Missouri, which I am originally, experiment with each on a scrap of flooring. Do it exactly as you intend to on your flooring.