While engine oil and atf would require a heat source to ignite, linseed oil can and will ignite on its own. The oxidization process is an exothermic reaction. A cotton rag soaked with linseed oil oxidizes quickly because of increased surface area. If you used the same bucket for all your empty rags you'd probably have quite a fuel source to deal with if it were to catch.
Edit: i somehow missed George m's original post and just now realized I repeated him. Please disregard.