I was always under impression that Aerosol can where not allowed in baggage , but everyone seems to carry the likes of shaving cream, antiperspirant etc.
Are cans allowed as checked luggage?

They must be of the small size. Last time thru J-Berg they stop me,found the can then decided it was small enough. Not sure of the exact size requirements but they are allowed.

I've never had shaving cream taken from me, which is usually in my carry on. However, I have had two small cans of aerosol gun oil taken out of my checked baggage on two different occasions. One was very small, certainly smaller than my travel shaving cream can. While they were removed on two occasions, they were left alone on probably another 8 to 10 occasions.

Why tempt fate? Seems like each country/airline has their own everchanging rules, so what's ok here in the States may be banned somewhere else. Just take small stick deoderant, etc. and use soap & water for shaving cream (or dry shave).

I am keen to take some BALLISTOL oil that I can only get in aerosol form.

If any container has a 'flammable' icon printed on it (aerosol or not) - more and more airport security folk will confiscate it. I even had a small tune of gun grease (yes, grease, not oil) taken off me because it had the flammable icon on it.
If aerosol volume marked on tin/container is more than 100ml you increasingly run the risk of having it taken off you. xray machines / training seems to be improving almost by the day now. Even checked luggage x ray machines are catching folk with suspect liquids packed in suitcases