Was it a 'used' toilet seal ring or a new one?
I'm sure that a 'used' ring would have some interesting added ingredients!  :D

(Sorry, I could not help myself).

IIRC - The main ingredient (on a new toilet seal ring) is Bee's Wax.

Bee's Wax is also a large component part of 'Howard's Wax & Feed' and many other antique wood polish and final finish recipes.

Mixtures of Bee's Wax or Carnauba wax are benign wood treatments and nicely restore luster and a slight sheen, when hand rubbed and buffed with a soft cloth.
They help protect wood and are easily thinned or removed with turpentine, mineral spirits, or a turpentine & linseed oil mixture.