I used engine oil for chain and auto bearing grease for all bearings, including freewheel.
If engine oil is OK for motorcycle chains, why not for bicycle? If grease is designed for bearing, why not to use it for bicycle bearings?
Black grease is the best, because it has graphite in it, but it is too "dirty", I used yellow one.
Freewheel "teeth" don't click anymore, which I think is good as long as freewheel works fine.
Is there any reason not to use auto oil and grease?
Auto grease is fine as long as it is not petroleum based. That goes for the oil as well. Motor oil tends to gum up after a while and that is why it is not recommended for bicycle chains. Although I know some motorcyclist that use it on their chains, it isn't recommended for that either. Also remember that on a motorcycle, the chain spins at a much faster rate and is a much larger chain. The viscosity of motor oil, being thicker than chain oil, would cause it to not saturate the links on a chain as well as a thinner oil.
For the cost of chain oil, I wouldn't waste my time with motor oil on a chain as you would end up cleaning it more often and when it gums up, you would most likely have to remove the chain and soak it in a degreaser to get all the oil out of the links.
HCFR Cycling Team
Ride Safe...Ride Hard...Ride Giant
I just want to add to what John was saying on a price comparison on the oil part.
Ok this is just a link to show cost difference..
The above link shows 1 quart of 5w-30 engine oil from KMART that costs $4.25 USD! Ok thick and not easy to work with unless you have a canister that drips the oil. It will not get inside the pins of the chain (inside part). Bicycle chains do not generate that much friction to break the oil down enough.
The above shows tri-flow lubricant which has ptfe mixed in it and I do use it. This size bottle lasts me 3 months. I do maintain many bikes! One drip per link is all I use. I also use it for all my cables too! It is not as thick as the engine oil and used by many Local Bike Shops and individual bike owners. Yes it is only 2oz. and costs $2.14 USD (not including shipping) but it is well worth it. You should be able to get from an LBS for around $4.00. A little bit of this stuff or similar product goes a long way.
Hope this helps,
Good maintenance to your Bike, can make it like the wheels are, true and smooth!