It all depends on how deep the oxidization runs. If it is minor (close to the surface), I'll simply hit the stem with micro-mesh pads (available through woodworking or automotive body-shop supply stores), working from coarse to fine. To deal with any niggly bits around the button, I use a dental pick. A quick buff with carnuba (if you have a buffer) followed by Obsidian Stem Oil and you're golden. If you don't have a buffer, the Obsidian will still work wonders.
If the oxidization runs fairly deep, I will cover any metal parts and/or makers stamps with a dab of petrolium jelly; then submerse the works in a bleach/water solution. I know some people like to use a strong solution for this, but I find that a 10-15% solution works fine - and if something comes up and you forget about your bathing stem, it isn't so strong as to cause irrepairable damage.
When the stem comes out of the bleach solution, it will be quite rough to the touch. I reach for sand-paper here, then into the micro-mesh, and finally follow up with a hit of carnuba and Obsidian Stem Oil as above.
I also like to dip a pipe-cleaner in the Obsidian Stem Oil, and run it down the inside of the ste a few times (until the pipe-cleaner comes out the same colour it went in); this helps both clean-up, and prevent any oxidization from rearing its ugly head inside.
There are lots of other methods, this is just what I do.