Very nice figuring on that.
Difficult to tell in that light, but it could be white oak or red. I'm thinking red, with the colour of the background wall.
Red oak is a very versatile wood. It will take stain of most any colour, and retain the look of the grain. As well, the application of stain can vary according to how long you let the stain soak in, and how hard you wipe off. If you are not sure of the colour you want, work up in multiple applications, wipe on-wipe off. You can get some very dramatic looks with a dark stain, showing lots of contrast in the grain. Or, you can let it sit and get a very subtle look.
Lacquer or varnish? Lacquer is very difficult to work with, if you don't have experience with it. For ease of use, and quality of finish, it's tough to beat a water-based polyurethane. Very forgiving.