Rinse wings, pat dry, and cut apart at joints. Put in a resealable plastic bag with marinade. Seal and refrigerate, turning occasionally, at least 3 hours and up to overnight. Remove wings; reserve marinade.
Preheat oven to 500°. Line a large baking pan with aluminum foil and coat lightly with oil. Arrange wings skin side up and brush with reserved marinade.
Bake wings until golden brown, about 10 minutes. Turn over, brush with marinade, and bake another 5 to 6 minutes. Turn once more, brush with marinade, and bake until skin is brown and glossy, 2 to 4 minutes. Serve warm, with lime wedges.
Ok so I read the other reviews and thought I should give it a try. Here's what I did and this came out GREAT! I marinated for 24 hours. I also used 1 Tbsp. salt and added 1 Tbsp. granulated sugar to make them a bit sweet. I knew this was going to take longer to cook because my oven doesn't reach 500, but only 400. So at 400 I let the chicken cook for 30 minutes on one side and then grilled the other side for no longer than 5 minutes. They had much flavor, we all loved them, and they came out golden brown-like the picture. I served with fries and green salad so the side dishes don't take away from the margarita flavor.
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