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Oiling it makes GIANT mess. It will drip oil for weeks after being applied and for it to really be proactive, it needs to be done a couple of times before each winter.
I suggest thoroughly washing the underside(power washing) and letting it DRY.
Then get a bunch of cans of Fluid Film with the long tubes. Stuff the tubes EVERYWHERE(doors cab corners, inner fenders, un in the wheel wells, bed cross members etc.) makes sure it RUNS out. It sets up in about 48 hours. Then you also want to spray the ENTIRE underside of the truck(body, frame, gas tanks,etc) To do a full-size truck, you would need at least a 6 pack of spray cans and about a quart-2 quarts to THOROUGHLY do the underside. And that should touched up once a year
On your Ford, oiling would be fine. Brad's post described what you should really do.
The neat thing is that if you bought a Chevy, it would oil coat the underside all by itself!
This might sound a little nuts but I pour some oil into the center stake hole in the bed the one above the tire after changing oil. Have to do it on dirt or gravel.
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