Synthetic motor oil for me as it doesn't smell, unlike some types of unknown motor oil the auld buck uses for vices and garden tools.
The Mobile 1 might be much too fancy, as it was about 20 quid for the bottle!
I read of others using the stuff in passing comments, so wasn't exactly a recommendation.
I might try some cheaper synthetic 5w30 when this runs out, lasts a long time so that will be a while away.
3 in 1 really stinks to my nostrils, and I can't get the smell off my hands.
Here is my rag in a leather tub/can made from an old powerlifting belt.
Might not be as good as a metal can for holding onto the oil, as I think I tried to fill it before. (it wasn't intended for the job, but I like it.)
I use the liquid bottle for an applicator to dab onto the cotton and it does a good job.
Been a while since my sharpening station has got some use.
(BTW I don't use the stuff for sharpening)