The oil on the chain will be distributed in you environment it's
totally unacceptable to use a non-biodegradable oil for lubricating
the saw. The pro's you have seen obviously don't care a dam about the
rest of the world and should be [insert punishment of choice]...

So should I be using canola oil, peanut oil, soybean oil, olive oil, or is there
something better?

There is a resin based bar lube that is bio safe but it will turn to a
solid if you left it sit too long.