Here's one approach degreasing and lubing a chain. There are so many approaches to this task. I use a Finish Line chain cleaner tool, and use a diluted Simple Green solution, followed by a second straight water solution. Then I thoroughly dry the chain with a dry rag and let the chain air dry, if at all possibly. I then apply my lubricant very carefully, placing one drop on each link. Then I spin the chain backwards for about 5 minutes, and after that I wipe off all of the excess lubricant—the lubricant needs to be on the inside of the links. Excess lubricant on the outside of chains attracts dirt and grime, and will cause you to have to degrease and lube again in short order. I used to use ProGold ProLink Chain Lubricant, but recently I've switched to Dumonde Tech Lubricant, which seems to last longer and be more effective. Again, it's very subjective!
(Armin Heurich)