WonkoTheSane said:Alcohol would do a better job of evaporating out the water. If you put oil in, it'll just float on top of the water.
Second the alcohol trick. Really any liquid that will absorb the water, even gas will work. What doesn't drain out will evaporate with engine heat once it's running. An old aviation trick, some old airplanes will purposely mix fuel with a portion of oil to dilute for cold weather starting until engine oil is warmed and the fuel is evaporated out. Alcohol will do the same thing.
