I clean mine with an old tooth brush & alcohol to remove dirt or grit, and wipe with a clean rag (old clothing). For lube I use either some grease I have for my baitcasters, such as ABU's silicote, or Vaseline. For oil, I use either some reel oil I got that has Zebco on the tube, or 3 in 1 oil. Only need a tiny bit, a drop or two.
Since there's not usually a lot of friction on a reel of this type, it's not necessary to get too hi-tech with lubes. Even the Vaseline is as good as you really need to keep from having metal to metal wear.
I use a Q-tip to apply the Vaseline. I like easy & cheap!