Here we go again - the oil wars. I noted a while ago that automotive oil or bicycle oil built up grunge on running gear. I switched to sewing machine oil - formulated to not stain clothes and have been satisfied with that choice. Once upon a time I repaired antique clocks so I have some tubes of super synthetics but don't use that on trains. A recent thread extolled the virtues of conductive oil on rollers. I would avoid oils with break-free or water displacement additives; my dad told me to avoid 3-in-1 60 years ago. Then there's the cult of Wahl clipper oil (one of GRJ's recent posts showed Wahl in the upper half of a suitable oils list). So, any high quality mineral or synthetic oil will do. Just use it sparingly.
Grease: Red-n-Tacky ... there's always an extra squeeze of the gun when doing trailer bearings to provide year's supply for the trains.