Phil's tenacious oil, here...
I normally clean my bike up every Monday. This includes the chain as well. I use Phil's Tenacious oil on the chain and the front and rear derailleurs. Be sure to wipe off excess.
It is dirty though.
If you have to carry you bike upstairs or anything train yourself to carry on the non-chain side or else you will have grease on you clothes. (Done that).
There are lots of fine lubes. Mostly pay attention to your chain.
Originally Posted by SheldonBrown.com
Oiling Chains
One of the great controversies of chain maintenance is whether you should oil a chain or not. The downside of oiling a chain is that the oil may carry grit into the interior of the chain, and that this grit-mixed-with-oil will act as grinding compound, causing accelerated wear. Many experts whose judgement I highly respect hold this opinion, but I do not believe that this is always the case. I have no doubt that this "grinding-compound" effect can occur, but the severity of the risk depends upon the sort of dust/soil prevalent in a given area, and, particularly, the oiling technique used.
Many cyclists oil their chains by spraying, usually aiming the spray can at the rear of the derailer cage, because this reduces the risk of overspray getting on their rims or tires. In my opinion, spray lubricants should not be used on bicycle chains, because they get too much oil where you don't need it and/or too little where you do.
Most of the schmutz that contaminates a chain is stuff that is thrown up by the front tire. This lands on the outer circumference of the chain. For this reason, you should always oil a chain on the inner circumference, the side that faces the sprockets. This decreases the tendency of the oil to carry crud into the interior bearing surfaces of the chain. The best way to apply the oil is with a drip-type oil can, along the top of the lower run of the chain. This applies the oil to the cleanest part of the chain.
I just run the pedals backwards while applying a line of oil down the rollers. It takes 15 or 20 seconds to oil a chain this way. In the case of old-fashioned bushing-type chains, I usually run the oil along the left side only, in hope that the clean oil will be able to flush through the bushings from left to right. I have used many different oils, my favorite is Phil Wood Tenacious oil.