I just went through this, and after rooting around in the supply room
settled on Dow Corning High Vacuum Silicone Grease. It's clear, it's
not petroleum based, it's nice and thick and it stays where you put it.
Previously, I've used a product called Aqua-Lube (look for it at a
marine supply), which is somewhat less thick (so it's a little more
messy) and tinted blue, but I know it won't wash out and does the job.
Either one of these is good for lubricating sliding bushings, too (if
you replace your rubber units with delrin or nylatron)...
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