Yep, that's all I use on my drivetrain. I get many thousands of miles from every cassette and chain and quick, quiet shifting. I have no problems with rain rides, lube building up like wax-based stuff does, or excessive dirt attraction.

Get a small bottle (6-12 oz.) that has a squirt top on it. Mix about 4 parts mineral spirits to 1 part oil, ie: 80%/20% ratio. I use Valvoline Synthetic because that's what I have around for my car.

Turning the cranks backwards, I squirt the lube right into the center of the chain over the cassette for 1 to 3 complete rotations. You can place a newspaper under the area and up against the rear wheel to keep from getting it on the ground and rear wheel. The mixture will be thin like water, so just squirt away. Let it drip out of the chain for a few minutes, and the black gunk will come out with it.

Take a folded rag and run the cranks again while running the chain through the rag until the chain looks clean and dry. You'll get a lot of black crud on the rag - that's what used to be in the chain rollers. Wipe off the chainrings & cassette if there is excess on them. Repeat the proceedure if the drivetrain is very dirty, or until the black drippings are lighter in color or none at all. Let it dry for about an hour, otherwise you might get splattering on the rear end of the bike.

You can also soak the chain in a container of the mixture if you like to do it that way, but I find that it's not neccesary if I lube the chain every couple of rides. The thinness of the mineral spirits gets into the rollers and washes out the dirt. The mineral spirits later evaporates, leaving a nice thin coating of oil.

If you do it after a ride, it can dry overnight then you're ready to go for the next day.