Originally Posted by Unca_Sam

Use a leather conditioner for leather car seats or furniture. Neatsfoot oil is unlikely going to stay on leather that thin for long. Neatsfood oil also has a reputation for making tensioned saddles too soft, causing them to sag and become ruined. That's the use for neatsfoot oil, to soften leather by lubricating the fibers so they can pull into the desired shape, as in shaping a baseball mitt. The alternative is causing the fibers to eventually break from the strain, also ruining the product and significantly shortening it's life.

Leather conditioner or lotion is a lighter oil content usually mixed with some heavier fats and a little water to help the oils get to the fibers needing the lubrication to keep them from breaking, causing cracks. It sounds like your saddle is already going down this road.