Some people swear by it and some swear at it, but Lionel introduced
"magnetraction" about 40 or more years ago! It worked pretty good, but it was
also good for finding small steel screws, etc that may have dropped out along
the track.
As far as cleaning oil off the track, if you happen to get up early
enough so that the dew is still on the rails, one trip around the track with
a good sponge and it is clean. Since oil is less dense than the water, it
floats up to the top of the dew and is easily removed from the rail.
After five days use at DH, my portable track was always really
"gunked-up". I filled an insecticide sprayer, or a proportioning hose end
sprayer up and gave each section one spray, then a good hose down with tap
water. Castrol makes a good de-greaser, or formula 409, etc can be used.
Quick, easy, and non-destructive.