Hi all, can't vote!
I use an equal 3 part mix. Vaseline, WD40, 3 in 1 oil. It is almost frictionless and can be squirted in at each end of the tube, but I do coat the shaft in it first, bit messy but only once. Not my idea, pinched it from Ron Dean and been using it for many years.
Keeps the bearing lubricated and keeps the water out and is excellent for low power motors.
Regards
Roy