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It is difficult to answer this question without knowing precisely what you mean by oil. You couldn't actually change it into a different substance such as olive oil. However the only difference between an oil and a fat is its melting point. If you melt the butter, you will have something very similar to oil.
An even better way is to clarify the butter. To do this, melt it, skim off the froth and then allow the rest to settle. It will separate into two layers, the upper one is the oily one.