Yeah, soaking the pads in oil is beyond dangerous, nothing at all should ever be applied to the friction surface.....the squeal is usually caused by vibration between the back of the pad and the caliper, not by contact between the brake pad and the disc itself.

"stop squeak" should be readily available, just make sure it's only applied to the back of the pads! Back on the old days there was a great line of brake chemicals sold under the "lubriplate" name, not sure if they are around anymore. But as mentioned, if you are going to the trouble of removing the pads, they might was well be replaced as well, and the discs checked to make sure they are in spec for thickness and straightness.

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1999 SL500