For where I ride, which is mostly in a dry and often dusty area this is my opinion on bike lubes. If I were to ride frequently in wet and muddy conditions, I might have a different opinion.
ProGold Pro Link Lubricant is the best stuff I have used. It is kind of hard to find but you can get it online and at some bike stores. It stays very clean. It takes several applications to clean the gunk off a chain, or better if you actually use a serious attack of cleaning with a brush and solvent first. ProGold starts to build up after several applications. It is noticeble that after the first ride it seems to wear off quickly, then up to about 5 or 6 rides it seems to be lasting a very long time. This tells me that there is some kind of bonding thing going on. It seems like magic.
Google ProGold Bicycle Lubricant
Boeshield T-9 Bicycle Lubricant is very good, but attracts more dirt (if you ride in the dirt) and makes the chain more difficult to clean. Still better than most anything else. Lasts a bit longer than the above. If your cleaning time is not so valuable, this is probably a more cost effective product than the ProGold, but not so satisfying.
Google Boeshield T-9 Bicycle Lubricant
Notice that the best time to lube your chain is AFTER a ride. Not before. Otherwise it is WET and will ATTRACT DIRT. BAD DIRTY CHAIN. Lube after. Dry the next time when you ride. OK?
Now if you are getting ready to ride and your chain is already squeaky, a dirty wet one might be better than a dry squeaky clean one, but save yourself the energy of thinking about it and get used to the routine. (I am glad sex isn't so complicated.)
For any chain lube the thing you need to do is 1) clean the chain first - 2) apply the lube until the chain is wet - 3) run the chain through a dry clean rag to pick up the excess - 4) let it dry overnight - 5) the next day run the chain through a dry clean rag to get as much off as you can.
If you are using the pro gold stuff after a few uses the chain starts to stay clean longer, but you still need to lube it.
You know your chain needs lube when it starts to make a bit of a rattle. How much of a rattle? Well you will figure it out as you hear the difference between a fresh lubed chain and one that needs lube. If it starts to squeak, you are wearing it out badly.
To clean your chain, you need a stiff brush with plastic bristles that scrape all of the crud off. If you are using a good lube, you might not need a solvent. If you DO use a solvent, I would suggest something like Simple Green. Make sure you get ALL of the solvent off and then use two or three applications of the lube to make sure you displace all of the solvent. This fancy chain lube is not much good if it is contaminated by solvent residue. The solvent breaks down the lube!!
Also, your cogs and chainrings need to be cleaned as well. Same routine.
Best trick to apply the lube is to shift into the smallest cog in the rear, and run the crank in reverse while dripping the lube across the chain right at the rear cog as it rotates around. It takes a bit of technique to get enough lube onto it. Or if you have nothing better to do, put a drop of lube on each pin/roller and see it penetrate. This takes a long time and seems kind of silly. At some point you will learn how to use plan A with the right amount of pressure to minimize waste and splatter and still get enough on the chain. Then wipe down all of the excess that goes into the pulleys. If you have an old school bike with rim brakes, you also should make sure you wipe off any lube that drips onto the rim. (Doh!) If you are finding the whole drive train dripping lube all over it would seem that you have overdone it. Not the worst problem assuming you are not in your living room on a white carpet. Oops. I suppose I should have started out telling you this to begin with. My bad.
Once you have a good clean routine going, you might not need solvent. A good brush should take care of things. Particularly with the ProGold. Boeshiled is a bit more gooey. I think the ProGold is like an every time you ride thing (assuming it is several hours), while the Boeshiled is more like every other.
Other lubes:
I have used other more heavy duty stuff like Pedros, but I find that a dirt magnet and a cleaning nightmare. It might be just the thing in the Northwest however. WD-40 is the ultimate mistake. Not much in the way of anything but a dirt magenet, only slightly better than nothing.
