If the chain is on the bike I usually do what is termed "drizzle" although I might say "wipe". I place the tip of the wet oil bottle against one "corner" of the chain, do a few back pedals while slightly squeezing the bottle to allow a slow application to transfer. Then repeat of the chain's other "corner". Wipe off the chain after.

If the chain is off the bike and if I'm at home I'll lay the chain in my "lubing trough" (a long stretch of steel channel) and go link by link, dabbing the bottle tip on each pivot. Then wipe off after before installing the chain.

A drop per pivot/link is too much IMO often but if my chain is off the bike it has been just cleaned and is dry of anything, while a mounted chain generally hasn't been truly cleaned (and wiping off a chain isn't cleaning in my world) and generally has some residue of old lube still. Either way the after lube wipe off is about removing excess lube than dirt removal. (And some will say that wiping off a dirty chain will drive some grime into the link pivots...). Andy.