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The most likely cause of the oil in the light switch is a broken brass tube attached to the bottom cover of the gearbox. The tube extends above the oil level and is there for the horn wire to run through. With the switch removed you will see four bolts holding the square end cover on. Remove the four bolts and pull straight away from the box. The brass tube (if still attached) will pull out of the steering shaft with the cover. Be sure to preserve the gaskets on the cover as they are shims to adjust gear box gearings. If the brass tube isn't attached to the cover you will have to fish it out of the shaft. If you find this is the problem, come back for repair info.
I don't know the pros and cons of the connectors.