Since the oil leftover from the menorah was designated for Chanukah it may not be used and must be burned (Shulchan Aruch 677:4). This is referring to the oil from the eighth day, since all previous days can be used on the following night (Mishna Brura 17). According to the Tur it is even assur to use it for Neiros Shabbos or for lighting candles in Shul. The same Halacha applies to the wicks.
Technically this should only apply to the amount of oil needed to light for the first half hour since beyond that is not a mitzva. However since a person does not specifically say this, we are machmir and do not use any of the oil. What about leftover oil from the bottle that was never used? The Biur Halacha says that this oil is not assur in any manner since it wasn't in a lit glass.
There are a number of minhagim as to when to burn the leftover oil. Minhag Frankfurt was to make a fire after Shacharis on the eighth day. Others wait until after Chanukah is over. Some keep the oil until Erev Pesach and burn it with the Chametz.
Important Note: We try to convey the Tshuva to the best of our ability. We admit that our understanding may not be accurate. Please also understand that this Tshuva may not be the final word on this topic. One should consult a Rav before drawing any conclusions.