As mentioned above, keep the knife clean or you risk gumming up the lock. I brush my knives with an old toothbrush every so often to keep the locking area clean, and then add a drop of blue lube. Light motor oil (or most any light oils) work fine too, I have used many different types of oil in the past. As stated above, I would avoid 3 in 1. I personally stay away from wd40 too, they both seem to attract dust and get sticky.
Rem-oil seems to do this too. Hoppes weathergaurd doesn't attract dust and works well for rust and lubricates fairly well.