I have worked on 3 machines back to back and all three have been horribly over-oiled and they all came from different homes. One even from another town so it doesn't seem to be related.
I was torn on what to do. Oil all over the wires is bad and will deteriorate the insulation. I'm not sure what it does with the connections but it can't be good. The motor cleaner I have claims it dissolves dirt, grease, OIL, and wax. It's made especially for electric motors. I have used it pretty aggressively on other motors and so far haven't killed one yet. Since the connection box has the same materials in it that the motor has, I sprayed it all over and inside too. Heavily. Twice. Then I left it to dry overnight. Today I will see if it still oozes oil, or if it even works anymore. Yikes! I hope I haven't ruined it.