Different manufacturers have their favorites and not all are the same. Neats Foot Oil is one that crops up at times for cork or get with your reel maker and ask. As for the reel itself, Boeshield with a Q-tip and a drop of fine oil on moving parts.
Rinse after each use fresh or salt, clean the line and dry. Do not dunk the reel untill you check with your reels maker as there are a few that discourage this.
My system is to rinse the reel and rod under warm running water after first stripping the line and any backing used into a basin filled with warm soapy water. Then pull the plug and rinse the line and backing under the running water as you reel it back on. Pull the reel apart, rinse spool and frame again and set it aside to dry while pulled apart.
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Good Fishing
Chuck Scheerschmidt
"I've traveled a long way and some of the roads weren't paved."