I used to use Mobil 1 gear oil in my trans and differential; it's good stuff. I have friends who have used the motor oil for years. I've been using Amsoil 0w-30 for several years to great effect in my daily driver; if you're wanting super-low viscosity, that might be the ticket. I have to agree with orthogonal, though. Motor oils, esp. advanced synthetics, are engineered at the molecular level to do a very different job. Detergents and anti-foaming agents are pretty useless in a lock. And besides, the liquid part will probably end up in your pants pocket, and guess what you end up with? A dry film (MoS2, probably). Better to stick with stuff designed for your applicaton, IMHO. Amsoil makes two metal protectants, one regular and one heavy duty. The HD stuff is recommended for things like motorcycle chains, etc. I've never seen Mobil 1 aerosol, but I'd be willing to try it.
I still think Break-Free does the job very well. If you're trying to make your dollar go further, just get it in the non-aerosol bottles; one drop, no waste.