WD-40. It consists of mineral oil - the same stuff in Johnson's Baby Oil - plus mineral spirits - a solvent that evaporates.
You would make national news if you actually knew the formula. It has been one of the most carefully guarded secrets in the history of American manufacturing. Don't believe me? Just Google
WD 40 formula and take a look at anything from Snopes to actual fan sites.
This same thing pops up on my woodworking forum every year or so, and the speculation is fast and furious. In the end though, one of the company officials said a couple of years ago that no one has even come close.
After WD40 clogged up some of my tools, I quit using it as a lube. Later, the gunsmiths at our local gun shop quit using it after they began getting guns that needed to be disassembled to clean the accumulated stuff out of the mechanisms. There was a huge hubub in the gun magazines about the ill effects of WD40 on the inner works on guns.
That being said, I still use it for its original designed purpose,
Water
Displacement (formula
40). I spray my saw blades, open containers of nails, yard tools, and a lot of other stuff to give it a pretty fair water shield. I have had great luck keeping my shotguns from getting rust by spraying the inside of their cases before a hunting trip.
For lubrication, I use Tri Flow, Gunk's version of Tri Flow, and light machine oil.
Robert