Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72
Finally worked out what it was! Not shoe laces (I wasn't wearing any), not cadence counter (I don't have one), not rear wheel (put another one on and the noice was still there). Spent another hour at the bike shop this afternoon trying to figure out where it could be coming from. Finally the shop guy had the brilliant idea to try pedalling out of the saddle....voila, no noice. So he greased the seat post, put it back and now it is once again smooth and quiet.