From the Ballistol MSDS, but I still wouldn't put it in my mouth.
"Non-Toxicity
In experiments with rats and rabbits the animals' entire intestinal tract and stomachs were filled with Ballistol. The animals showed signs of uneasiness. After the Ballistol had been evacuated from their bodies as provided for by nature, the animals without exception appeared to be in excellent condition and showed no adverse prolonged side effects. It was not possible to establish an LD 50.
Ballistol does not contain ingredients considered hazardous by OSHA. It does not contain any ingredients, which normally may be considered harmful or fatal if swallowed, BUT DO NOT INDUCE VOMITING, ASPIRATION CAN OCCUR. CONSULT A PHYSICIAN IMMEDIATELY. It does not contain any ingredients which may be toxic for warm-blooded organisms, reptiles or aquatic organisms, if used as directed. However, Ballistol may kill small insects such as aphids, mites, chiggers, ants, termites, spiders or wasps etc. by mechanically clogging up their respiratory systems, as most oils will. "