A noise that occurs once per crank revolution cannot be from the chain - unless every part of the chain has exactly the same problem. The chain has over 100 links and the largest chainwheel you are likely to have has 52 teeth, so you have to rotate the cranks at least two times to have the same section of chainin the same spot on the drive train, whether it is at the chainwheel, ther rear cogs or the pulleys. Further, less than half the chain is under stress at any one time.

Any but the thickest lube can fairly easily penetrate a chain, and certainly if you immersed it. The source of once per crank revolution noise is either the bottom bracket, cranks, chainrings/bolts, pedals, cleats or front derailleur, or items that are secondarily stressed in time with pedaling, such as saddle, hars, etc.