I prefer another old school oil....Nyoil. Ive used the super refined mineral oil for many years (red label), and now I exclusively use the blue label Nyoil 2 synthetic. When I do a strip and clean, thats what goes on the guts & bits. The stuff is about as good as it gets when it comes to a light lubricant oil. I believe very refined, high quality mineral oils are just as good, if theyre changed out often enough, thing is...most people dont.
I still use WD-40 to clean barrels and for polishing metal.