BTW, I find that soft cotton rags (old t-shirts, etc.) work better than paper towels. They seem to conform to the irregularities of the chain a bit better and get more oil off more quickly.
Also, with wet lubes, I like to re-wipe the chain after the first 30-40 miles after some of the excess lube has worked itself to the outside. Helps prevent too much gunk build-up.