I've been dropping them in oil for years also. It does seem to dribble out of them for weeks afterward. It can get annoying, yet it does lube them.
However, just recently I decided to disassemble them. Spray out what was there (oil, grease, and crud) with PB blaster. I then put a good amount of high pressure Moly grease on everything and buttoned it all up and wipe down the exterior.
Seems to work well as things still work, and are smoother functioning.
Not so sure about doing this on ratchets in really cold environments, but down here in Texas they should be fine.