Ok I know we have some artists here who have experimented with both of these paints. I just want to discuss some pros and cons of both of them so those (who have yet to experiment with these) can take these points into consideration before they decide on which kind of paint they want to try.
OIL
Pros
Does not dry: You can start painting, leave the painting in the middle to go shopping, come back after couple of hours and this paint will still remain the same and will not dry.
Moves like butter: Using Oil Paint is incredible. You can mix & match and move this paint around without messing up your painting, something which Acrylic will not be able to give you.
Details: Enables the artist to create fine details and create some effects which might not be possible with Acrylic.
Cleaning: With Oil, you can work with the paint all you want and you will not have to clean your brush in between because oil does not dry fast. Cons
Drying Time: Once the painting is done, it takes long time to dry (usually about 1-2 weeks at normal room temperature).
Durability: Artists have been using Oil Paint for ages and oil paintings of famous artists have survived through out centuries but with time, Oil Paintings loses its color slightly, something which doesn’t happen with Acrylic.
Price: Oil paints are a bit more expensive than Acrylic, bad for the students who have fixed monthly budgets
ACRYLIC
Pros
Dries Quickly: Once the painting is one, it dries very quickly and you don’t have to wait for days. Usually it dries within an hour or two, if not few minutes.
Is Cheaper: Compared to Oil Paints, Acrylics are a bit cheaper and easier for people (especially students) to afford.
Lasts Longer: Overall, Acrylic paintings last longer than Oil Paintings if your work was to be preserved for centuries. Cons
Dries Quickly: If this is a Pro of Acrylic, this can very well be Con of Acrylic because it dries very quickly (usually within 5-10 minutes) so you have to learn to work faster and load your palette with more paint everytime it dries. If you are slow painter and you are working with Acrylics, your palette will dry very quickly and you will end up using more paint than you would for oil. There goes your pocket money hommmeeeeyyyyyyyyyyyyyy.
Details: You cannot move the paint around like you can with Oil, hence, some details are best obtained with Oil.
Cleaning: When working with Acrylics, you have to constantly keep cleaning your brush because it dries very quickly.
These are it for now. I may have missed some (though I can’t remember). I like Oil for the reasons listed above and work mostly with Oil, though I have also worked with Acrylics. Hence, I would recommend Oil
lol that reminds me - I once used my uncle’s oil paints without realizin that its oil .. my painting didnt dry up for couple days laterz going nuts i asked my uncle wats wrong with his paints- he then told me its oil - dont dry that easily
HHL: can you mention n tell that for what kind of painting or drawing u use which kind of paint. I mean what are the specific n goodones for Oil n same goes with Acrylics?
While you can achieve some details using Acrylic, Oil gives you finer details since you can move it around. Just compare the water and use that as an example when I say ‘Move Around’…
If yes then for all I would recommend Oil because like I said, you can mix and move them very nicely which gives it a very pleasant look. Acrylic can give you that too but not the same as Oil. And there is just something in Oil which is not in Acrylics
laterz going nuts i asked my uncle wats wrong with his paints- he then told me its oil - dont dry that easily 
Pagal ooper label nahi tha kya? 
