I just used boiled linseed oil and sand and it worked a treat. Keep it simple!
I just put the sand in a bucket and stirred in the oil until I got something that looked about right, i.e. not to dry and crumbly and looked as though I'd be able to trowel it on. If you overdo the oil chuck a bit more sand in.
Brush a bit of oil onto the frame/wall joint before trowelling the mastic on to help it stick.
I used to buy ready made mastic in tubs, but found the DIY option cheaper and better.