Step 1: Understanding the time period of oscillation.
The time period \( T \) of small oscillations of a body can be given by the formula for oscillations due to restoring force:
\[
T = 2\pi \sqrt{\frac{I}{K}}
\]
where \( I \) is the moment of inertia and \( K \) is the restoring force constant. For this system, \( K \) is related to the modulus of rigidity \( \eta \).
Step 2: Moment of inertia and restoring force.
For a cube fixed on a surface, the moment of inertia \( I \) about an axis perpendicular to one side is given by:
\[
I = \frac{1}{6} M L^2
\]
The restoring force constant \( K \) is related to the modulus of rigidity \( \eta \) and the length \( L \) of the cube. The time period \( T \) is then:
\[
T = 2\pi \frac{\sqrt{M}}{\eta \sqrt{L}}
\]
Step 3: Conclusion.
Thus, the time period of oscillation is \( 2\pi \frac{\sqrt{M}}{\eta \sqrt{L}} \), corresponding to option (C).