As always, use the appropriate solvent. In the OP's situation a non-polar solvent would work best for lifting the lube and associated contaminants, IN SPITE OF the recognition that water is a "universal solvent". I think most of us recognise the utility of turps/diesel fuel/ etc to clean chains. Even Simple Green has been used to clean chains.

But I think you know that

Any solvent that the ultrasonic cleaner can "handle" can be used. In a previous life we used hydrochloric acid (HCl) to clean glassware of all traces of a calcium based product that HCL dissolved. Water was used to dilute the HCl.