CMPicon has great information about wood restoration, here is the link,

Armorer's Corner - Wood Cleaning Article

I have a couple of CMP M1icon's and have re-oil the stocks. They were originally oil and the red color comes from oxidation of the oil with time. The were dull when they let the factory. I use a mixture of pure Tung oil with mineral spirit, here is finish product of my 55 after 4 coats,

http://i1186.photobucket.com/albums/...srq/photo4.jpg
http://i1186.photobucket.com/albums/...srq/photo3.jpg
http://i1186.photobucket.com/albums/...srq/photo2.jpg
http://i1186.photobucket.com/albums/...srq/photo1.jpg
http://i1186.photobucket.com/albums/...srq/photo5.jpg

Good luck