Engine oil is good, but does it fling off alot? Anyway, I use silkolene stuff, its ok but its very sticky, which means grit sticks to it. Spannerman used some castrol chain lubricant, it goes on like a wax really, that was good stuff and I noticed right away it made the chain quieter.
Wurth dry lubricant is also good stuff, but I found it washes off easily in the rain, so you have to apply it quite often. However, it dosn't make a mess of your wheel and stuff. So if you don't do alot of riding and want you bike to look very spik and span, thats a good lube to use (my dad uses it, he likes things to look pristine!)
Scoobs though make a good point, clean the old stuff off with parrafin beforehand. Dont bother with expensive chain cleaners, parraffin is cheap and works really really well
