Just wipe any extra off with a rag. Lean the bike up against the wall with the chain on a middle cog, hold a rag in your left hand and grab the chain lightly. Pedal backwards 4-5 revolutions. Done. No need to overthink.
Lube & wipe every now & then and you will be fine. It's just a bicycle.
Last edited by Homebrew01; 01-26-14 at 07:47 PM.