The oilcloth on my table has been in use for at least two years. You could use chalk cloth but I don't think it will hold up as well for a table that sees real use.
What you will need to make a fitted table covering for a round or oval table:
~Oilcloth large enough to cover the top of the table plus at least two inches to wrap around the edge. If your table is very think you may need more.
~Scissors or pinking shears
~1/4 inch elastic (the circumference of your table is more than enough as you stitch it on stretched).
~Sewing Machine with a heavy duty needle
~All purpose sewing thread to match your cloth
Sewing the fitted oilcloth cover:
1. First you need to draw your table on the wrong side of the oilcloth (in pencil). I rolled my cloth out on my kitchen floor and flipped my table over onto the cloth to trace around it. For my cloth I used a metal compass to add 2.5 inches all around my table tracing. You can also measure the diameter of your table ,divide it by two, then add 2.5 inches to that number and use a pencil and string (big compass) to draw your circle onto the cloth.
2. After you have cut out your circle or oval it's time to start elasticising the edge. I just eyed a 1/2 inch in from the edge but you could draw a line all the way around as a stitch guide.
3. When I started sewing the elastic on I tacked the elastic in place with a few back and forth stitches. You can use a zigzag stitch or straight stitch to do your tacking. But you must use a stretch stitch (zig zag) when sewing the elastic on after tacking. I do not have a special foot for sewing on elastic. I stretch the elastic as I stitch it to the oilcloth. Stretch and stitch the elastic, working slowly, all the away around the cloth tacking the elastic again at the end point.