I use both. For leather that needs a really good conditioning, like it has been dried out or abused, I first apply the oil liberally. I think it penetrates deeper and faster to get the leather softened. After an overnight, I apply the paste for further conditioning and protection. Works for me.
Never tried the canola, but stands to reason that it would penetrate. For mud and snow, I would still want a beeswax based top dressing, though. I have some bear oil and beeswax paste that works also.