Phester,
Not that I'm an expert at this, but this is what I found out when I researched this last year. It might be a two step process only if you want a real high gloss. You have to have the "1st" step on under it because thats where all the UV inhibitors are. I'm pretty sure this was confirmed from the side of the can. If I get a chance I'll get the can and check it out. BTW I got a can of it on sale at West Marine for $17.99. I only went with the one step Cetol Light Satin. It's been on my deck box covers for maybe 9 months.
I wouldn't waste my time and money on the oil, I did. I bet the nice looking finish didn't last a month.
Scott