Olive oil. Just use it for your chain, derailleurs, brakes, cables and everything else that needs lubrication.

You can even lubricate your bearings with oil, and they will run much smoother than if you lubricate them with grease. The only downside is that you'll need to lubricate them before every ride. You could drill a oiler hole in the middle of your hubs so you can easily inject some olive oil on a daily basis.

If you want to use lanolin instead, you need only head to the nearest pharmacy and ask for all-natural sore nipple ointment for breastfeeding mothers. These ointments are 100% pure medical grade lanolin. As a bonus, not only can you use it to grease your bearings, but you can also use it to soothe your sore bottom after a long day in the saddle.