Ooh controversial! Most racers I know use Castrol Chain wax.
Of course the best is to use a Scottoiler, but not too practical on a wee stroker. (saying that I had one on my RD350)
Firstly, using the worst lube correctly, is better than using the best wrongly.
It needs to be applied to the rubber 'O' rings, and inner faces of the chain where the links touch the sprockets, and not liberally sprayed everywhere - this will only attract grit and grind your chain to dust in 2000 miles.
If you lube and then find your back tyre covered, you've either put too much on, or not allowed the product to solidify before riding. It needs 20 minutes or so to set.
Ensure you do not oil after a ride in the rain or a wash, you will only seal water in and rot the chain. Wait for the chain to dry, then lube it.
You'll know if you're using too little, as the chain will feel hot after a run - try to use someone elses hand to check this.
Best method for applying is to have the bike on a paddock stand and slowly spin the wheel whilst accurately applying the lube through a tube so it only goes where you want it. I have the engine running and the bike in first - but if it falls off or you loose your fingers don't blame me!
If you don't have a paddock stand, the next best is to have a friend hold the front brake on and lean the bike over on it's side stand allowing you to spin the wheel. I wouldn't have the engine on for this method! Alternatively, you can get a stick to prop the swingarm on, and use a bungee to hold the brake on (I'd put the front wheel against a wall too myself)
Blimey. Who'd have thought lubing a chain could be so interesting!
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