I've been making cutting boards for about ten years, and in that time I've been active on a variety of forums like this one. I can't specifically recall ever seeing a discussion that involved wax on a cutting board.
I'm trying to think how the oil and wax would go together and I can't come up with a reason. It seems if you oil up the board real well, then the wax won't penetrate. And visa versa.
I've used wax on pieces, and I've used oil, but never both. If it were me, I'd set the wax on the shelf and use the oil. Depending on use, will dictate how often you oil. Basically you don't want to let the wood dry out.
I personally use mineral oil on my boards. There are a number of good options, the point is to use something food safe that won't flake off. I don't see why wax would be a bad idea
For oil - Make sure you clean it well, let it dry well, then apply oil liberally. Apply oil until you can't get the wood to take any more, then start wiping it down. You might need to wipe it down a few times over a couple days as the oil tends to weap out
For wax - clean and dry, just like above. Make sure everything is at room temp (70's or better). Rub wax into the wood until the wood won't take anymore. Buff it out to a nice shine
To the OP, tell your neighbor he does a real nice job
