Hi. I'm currently applying tung oil to pine flooring. I started by looking for advice on the internet and found a lot of conflicting advice. I bought some Liberon Pure Tung Oil and read the instructions on the tin.
I guess with all oils, the wood will absorb it to a certain degree, then i think you will reach a point of 'saturation'.
I started by thinning the oil with 50% white spirit and made up 1 Litre of this solution. (500ml Tung with 500ml White Spirit).
I brushed on the oil and wiped off any excess after about an hour. Be careful and don't be too generous with the oil! It helps if you can look across the floor into a light (window) as this will highlight any missed areas. Leave it 24 hours and apply another coat.
I've just finished applying my second coat today.
I'm going to leave it a further 24 hours before i apply the 'neat' Tung oil. I've tested this process on a small table, so i'll check the look of this before I commit myself!
A long drawn out process, but satisfying once done. It feels nice under foot, and thinking about is a lot more forgiving than varnishing or waxing(!). Tung oil is apparently very resistant to water, alcohol and food acids. Hope this helps. Warren.

Here is a link that might be useful: Power Tool Warehouse.

I would buff the floor with a floor maintainer with a fine pad. That will gently abrade up all the finish that's sitting on the wood. If it leaves obvious swirls, you may be able to hand-buff with the grain using a cut-up piece of the same pad. Pure oil finishes cannot form surface films, or as you have witnessed, they puddle and wrinkle. For a final finish, once the swirls are gone, you can wipe on a very thin coat of the oil and let it fully dry before stepping on it; this should create an even look. Wipe with a very fine cotton lint-free cloth.
Casey

Here is the most informative page on finishes I've found.

Here is a link that might be useful: Finishing including tung oil

This is the most informative page on finishing. Thanks.