back from the grave i know, but i didnt think i had enough info for a new thread...
liquid all the way. if i didnt have the microdrip botle, id say aresol, only because it can get into crack better then liquid. but with the microdrip (a god send for the handle grooves, the engravings, leather seams etc), the aerosol is bound for trunk/backpack duty. its great for car parts, but for every day items the liquid is easier to use and doesnt smell as strong.
i found another use for ballitol that really impressed me - sap remover. i got my bilton today (awesome

) and went out to shave a little more bark off this walking stick we have that has been slowly being shaved for the past year and a half, and it sapped up my bilton, 12" ak, and 18" ak. so i go and wash them with soap, and then gojo, and then said ah, screw it. i'll use lighter fluid if ballistol doesnt help.
ballistol did indeed help, basically doing a lighter version of what lighter fluid (zippo) does to sap/light glues. awesome stuff. and it put a coat of ballistol on the blades for storage in the same motion
(note on the bilton and shaving bark, the 18" ak did better then both when choking up to cho creep area. the 12 was teh correct length, but the 18 seemed to do better. for chopping, the bilton kinda falls behind because of its 3 finger grip... it it had a longer handle, you could get by with it. 18 rules amongst them though. so powerful....so bueatiful....)