Scrape the shit out of it with a wire brush. If you really want to be aggressive, you can use an angle grinder with a brush attachment, but it will destroy the knurl.
Do not use mineral oil or paint thinner. Just a little bit of soapy water and scrap the hell out of it by hand. Once you're satisfied with its cleanliness, oil it lightly. "Oil lightly" means cover every area of surface and wipe with a paper towel until there's very little oil coming off onto a fresh paper towel. Then powder it with chalk.