It depends on the oil. If it's a mostly saturated hydrocarbon, then it won't break down very quickly. Suntan lotion is different and isn't like oil used for burning. I think most of the oil will either get removed through skimming (including scum balls) and the rest may get caught in the filter if you run your pump on high to get the oil into the skimmer (i.e. with a vortex) though oils are non-polar and may not adhere to filter surfaces.
[EDIT] Some additional (and better than my) ideas were proposed in the responses in this thread including pig mats and enzymes and oil sponges. [END-EDIT]
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