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My gut says oil and LP are comparable, although LP seems to get the nod for a modern system (i think most people putting in new or replacement systems near me these days are going with LP). I think the spot price for your fills would determine whether or not its cheaper in the same house, and the efficiency of the house will matter most.
I rented a ski cabin in Western MA for the family this year, and was consistently paying 400-600 a month in propane bills for mostly weekend use (during the week heating was left in the low 50's). But it was a drafty old farmhouse that was tough to keep warm.
At home in central NJ, I think a was paying around $100 less per month to heat a larger but somewhat more efficient home (80's construction) on the reverse schedule (heating full stop during the week but down in the 50's during the weekend).
Propane means an outside tank, whether above ground or buried vs. a basement tank for oil heat if that matters to you. My experience was also that you need fills more frequently with LP - every month or couple of weeks during the winter vs. 2-3 times a year for heating oil.
My experience anyway - your mileage may vary.
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