GoForSmoke:
Also don't oil bicycle chains except to soak them overnight once a year if you haven't stretched it past usefulness by then. For everyday or weekly cleaning, run the chain through a kerosene soaked rag. Oil on a chain catches dirt and grit that wears the bearings. This from someone that did stretch chains and snap teeth off cogs from a year or less of constant wear.
I've been using this stuff on my road bike and am pretty happy with it:
http://www.finishlineusa.com/products/chain-lubricants/dry-lube
A couple times a year, I'll take the chain off, give it a thorough de-greasing and cleaning and and also clean what I can off the sprockets by working a rag between them. Just finished a fairly complete tear-down plus replaced the tires so it looks almost factory-new ATM 