Hi,
I clean my reels out with warm soapy water.. a good soaking.. then i let them air dry for a day or so. Then i apply grease to the green and oil the silver. The grease i use is one of 2 different types, either the Garcia/Daiwa grease blue or green and it's kinda thick.. or i use Makita tool grease it's a special high temp but pliable grease.. The Makita grease is expensive compared to regular grease but if your reel gets hot(sun/heat) it wont run off the gears. I dont recommend the Penn multipurpose combo grease.. it's very thin and runny. For oil i use the Garcia Silicote Reel Oil. Use each sparingly.. Just enough for a coating. for the grease i use a flat head about 1/2" wide waterpaint brush. another thing i do with the grease is i apply a small amount to the outer ring of the felt washer, i've found that doing this keeps sand/dirt out and also helps reduce the amount of water your reel takes if you have an accidental plunge.
