View photos of the medicinal plant Pinus ponderosa var. scopulorum (Ponderosa pine), profiled in Medicinal Plants of the Western Mountain States.

A passage from Medicinal Plants of the Western Mountain States:

Although the internal use of oleoresin certainly has application, it is its external use that is most documented in older medical texts. Rarely used alone, but almost always as a formula ingredient, Pine oleoresin adds a stimulating–anesthetizing–antimicrobial element to topical combinations. Keeping the oleoresin content of the formula to about 10% is a good rule–of–thumb. At these levels, it makes a worthy ingredient as a topical chronic muscle/sport’s injury formula. Both stimulating and reducing to sensitivity, it especially combines well with other aromatics such as Mint or Eucalyptus essential oils or Camphor. Relatedly, in similar ratios it’s also well–used for chronic arthritic pain.