It didn't say anything on the can about residue.
It says to rinse thoroughly with a strong stream of water, I only used the garden hose.
I should've included that it contains petroleum distillates, d-limonene, and carbon dioxide. Those are the only ingredients that it says on the label, just in the first-aid section.
Another question here: What should I have used (or maybe use now) for the application? I'm sure there are lots of bike shop products, but are there any other products such as a hardware store, automotive, or cleaning product that have been tried and true?