Yep, I do it pretty much the same as the others have stated. I use cloth patches to apply, buff with 0000 steel wool in between coats, and I have applied as many as 7 coats when refinishing gun stocks. On my bows I will go about 4-5 coats because I'm going to buff the final coat lightly to tone down the shine for a satin finish. Then I use Pledge furniture polish and buff with a clean dry cloth, this will take out any scuff marks left by the final light buffing with the 0000 steel wool. It produces a beautiful satin luster that doesn't reflect light to spook game, but has a deep finish to it that looks awesome.
Take your time with the Tru Oil, don't try to get it too thick on a single coat because it takes several coats with a buffing in between to build up the finish. That's just how it was designed to work, and you can't rush something that's worth waiting for.