You have been given a great gift! My daughter works on machines and discovered the 301 early in her work. She gave me one for a Christmas gift and I love it. Most people use Tri-Flow oil for all their vintage machines. It is highly recommended. If you can't find it at a sewing store locally, try a bicycle shop, as they use it as well. If not, you can always order it from Amazon.
Congratulations on your new machine!