I use S100 Corrosion protector (I think that is the name). Seems to work
quite well. It is more of a wax type coating that an oil, and can be
applied to paint as well (but not normally recommended, the main point being
it will not HURT the paint). It does not tend to alter the appearance of
the item it is sprayed on.
I have very little problems with rust/corrosion on my bike, but it is
garaged when not in use. I also tend to wax the shiny parts of aluminum
pieces like wheels, exhaust muffler etc.
