Well, if it oil contaminated, it surely cant hurt to try to clean it, although it is probably damaged and will need to be replaced.
Try an aerosol brake parts cleaner (brakleen); this removes oil and evaporates without leaving any residue. The problem with solvents is you never know if they will dmamge the printed circuit board inside the sensor.
An oil impregnated type of air filter like K&N should never be used on a vehicle with a MAF; most of teh vehicle manufacturers have TSBs out on this issue...