I have used fully synthetic mobil oil and ATF III mixture with excellent reaults.
I then modified it by adding MoS2 additive (10%) to above mixture. It turns black, but works like a charm.
I now use above mixture with white lithium grease (1:1). I have found this to be the best for warm climates (haven't tried in sub freezing), and am using this for over 4 years now. The lube stays for over 500 rounds, and is almost as good as it was when applied. I usually relube every 300 to 400 rounds, and while I find out that relubing is not exactly needed, I do for the pleasure of it!
MoS2 has its own benefits, but I only use it in addition to a strong base lube mixture for enhanced assurance.