We present a new derivation of the perturbation equations governing the oscillations of relativistic non-rotating neutron star models using the ADM-formalism. This formulation has the advantage that it immediately yields the evolution equations in a hyperbolic form, which is not the case for the Einstein field equations in their original form. We show that the perturbation equations can always be written in terms of spacetime variables only, regardless of any particular gauge. We demonstrate how to obtain the Regge-Wheeler gauge, by choosing appropriate lapse and shift. In addition, not only the 3-metric but also the extrinsic curvature of the initial slice have to satisfy certain conditions in order to preserve the Regge-Wheeler gauge throughout the evolution. We discuss various forms of the equations and show their relation to the formulation of Allen et al. New results are presented for polytropic equations of state. An interesting phenomenon occurs in very compact stars, where the first ring-down phase in the wave signal corresponds to the first quasinormal mode of an equal mass black hole, rather than to one of the proper quasinormal modes of the stellar model. A somewhat heuristic explanation to account for this phenomenon is given. For realistic equations of state, the numerical evolutions exhibit an instability, which does not occur for polytropic equations of state. We show that this instability is related to the behavior of the sound speed at the neutron drip point. As a remedy, we devise a transformation of the radial coordinate r inside the star, which removes this instability and yields stable evolutions for any chosen numerical resolution.