Chain lubrication has often been the subject of heated debates. For the most part, this is much ado about nothing. Unless you're riding 11 speed Campy (and therefore want to do what you can to protect your $85 chain and $500 cassette), any lubricant should be fine---even the much maligned WD-40. WD-40 may get the job done, but it isn't a very tenacious lubricant and better options are readily available. All commercial chain lubes (that I know of) contain the same basic mixture: a lubricant thinned by an evaporating solvent.
For the past two years I've been using mostly White Lightning, which is a wax based lubricant. White Lightning required a lot of attention, but allowed me to keep my chains clean and helped me get good mileage out of my drivetrain components. My LBS was out of White Lightning last time I stopped in, so I decided to make my own chain lubricant.
The most commonly cited mixture for homebrew chain lubricant is a mixture of odorless mineral spirits and 30 weight motor oil. The two most commonly cited mixtures are 1:1 and 3 parts mineral spirits to 1 part motor oil. I decided to split the difference and just eyeball the mixture so that it was between the two.
For $15.05, I made 160 oz. of chain lubricant (compared to $12 for 8 oz. of White Lightning).
After a week of use, I really like this lubricant! It is much more tenacious than White Lightning---and also seems to lubricate more effectively!
