The 24-year-old scored 10 goals in 42 appearances last season as the Minstermen were relegated to the National League.
Former Sheffield Wednesday trainee Oliver will remain at Meadow Lane until 7 January 2017.
He has previously had spells at Lincoln City, Crewe Alexandra and Mansfield Town.
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League Two side Notts County have signed York City striker Vadaine Oliver on a six-month loan deal.