The most popular remedies contain hydrogen peroxide, to break down the chemical, baking soda to neutralize the odor, and a dash of soap to dissolve the oil.
A common recipe is:
1 quart 3% hydrogen peroxide
1/4 cup of baking soda
1 tsp. liquid soap or dishwashing detergent
No Baking Soda
Don't have baking soda in the house? Substitute a bottle of cider vinegar, and lather in more soap. After rinsing, add more diluted vinegar and leave it in.
Note: Since hydrogen peroxide is a bleach, if using it on a dog or other animal the animal's fur can lighten. Also, care must be taken to keep the mixture out of the eyes. If using it on your clothing, remember that your clothes can also end up a few shades lighter.