I fashion a cardboard "shield" to protect the hub, and then use a spray degreaser on the cassette and chain. I'll run the chain through a clean rag to wipe it clean.

For lubrication, I've gone back and forth between a dry wax type lube and a wet lube, and prefer to use a wet lube. Personally, I use Breakfree CLP, a mil-spec firearm cleaner, lube, and protectant (CLP) that produces a very smooth and silent ride and doesn't attract as much dirt as many other wet lubes. It helps that I already have cans upon cans of the stuff for my other "toys". If I do use a dry lube, it's good old White Lightning.

Cheers,