I think the product is called "Oil Dry". It comes in a bag like kitty litter (kinda looks like kitty litter too). If you put it on while the oil is fresh and work it in with the sole of your shoe, it does a pretty good job of drying it up.
If it has had more than a day or so to soak in, it will leave a spot. Asphalt is basically just thick oil, and oil will soften it over time.