Toluene is fine if you don't squirt it up your nose or drink it. Someone previously mentioned becoming 'drunk' with fumes from a leaking bottle in the car, but a broken bottle of whisky would have had the same effect in an enclosed space. Been using toluene for 50 years with no ill effects and the safety datasheet says it's OK. That said, if the silicone oil dissolves in isopropyl alcohol, that may be better but, even though it has a lower boiling point, it would probably take longer to dry.
I was experimenting with making a Permaflote type floatant for dapping flies (which need to be as dry as possible, so greasy floatants like Gink are not so good on them). I was dissolving things like paraffin wax in hexane. That dried really quickly, but had to be stored in a mini-Kilner bottle with a clamp-down stopper. And I had to make my own stopper liners from about the one rubber I found that was compatible with hexane. The silicone stopper seals that came with the Kilner bottles melted in the hexane. Doh!