Do you know how to painlessly remove a band-aid?

How many times have your little-one's screamed in pain whenever you try taking off plasters or band-aids? Even I wince in pain whenever I take mine off, at times when I accidentally cut myself or when a nasty Blister pops-out after a long bike ride or a game of badminton or tennis.
Thanks to Rachael of Parent Hacks for suggesting such a MacGyver-slash-Martha Stewart way of removing those pesky band-aids.
Here's my hack for removing those pesky band-aids that kids love to put on and HATE to have taken off: If you dip a cotton ball or q-tip in oil (olive or baby) and rub it against the band-aid, it will allow the band-aid to just fall right off. We've eliminated a lot of screaming in our house this way!
Thanks Rachael for finally finding a solution to the age-old problem!