Cap and dripper off is needed only if the
eliquid has an alcohol/perfume taste or smell. In that case you are trying to evaporate out some of the alcohol (pure grain alcohol, the drinkable kind, used in some flavorings). I've used a fan blowing over the open bottle, to speed it up a little.
Steeping is a separate concept, allowing the flavorings in the eliquid time to meld. Let it sit in a dark place for varying lengths of time, periodically test it. I mix some eliquids that are good to go right away, others are fine after a couple days, some take several weeks, will keep improving out to at least a month. Shaking the bottle once in a while can help, and some people have used an ultrasonic cleaner to speed things up (basically shaking the heck out of the liquid, for a shorter span of time).