All chrome parts on this bike were literally orange with a light rust when I got it. I used WD-40 (you can just use mineral spirits, it's the same thing), and 0000 steel wool. The reddish color on the rims is the reflection of the fence, not rust. If you look carefully, you might make out the lousy photographer in the headlight housing.
http://i1.tinypic.com/2h2e0is.jpg