It only takes a little oil so "soak" is not how I would describe it. I work about a cap full into the filter then put it in a rag and squeeze as much out as I can get. You just want it to be damp. I pull and clean the filter the night before a oil change so it is ready for oiling while I am doing my oil change.
Brad
I simply take a pie tin, and put a little kerosene in it. dip the filter in it. squeeze it out a couple times, then spray some WD40 on it (just to make sure the kerosene is off), then blot it dry with a blue mechanics paper towel, then blow dry them with my Master blaster (warm air dryer for bikes) air dry will also work, just takes longer.Then I use Yamaha 2T 2-STROKE OIL. I put a little bit in the pan, place the filter in it, turn it over a couple times, then squeeze out as much as possible and I'm done.You could also simple put the foam in a zip lock bag, add oil, squeeze it a couple times, remove it from the bag, squeeze it out again and install.DON'T use motor oil! Its too thick and won't let the air filter breath as well, and will drip down and run out of the filter into the clear tube under the air box.Air filter oil or 2T oil as the service manual indicates.Hope this helps.